The police’s anti-money laundering unit has referred at least 16 cases of suspicious gambling activities at casinos to police for investigation during 2023-2024, MPs heard as they debated a bill exempting casinos from a 10,000-euro cash transaction limit applicable in Cyprus.
The Unit for Combating Money Laundering (MOKAS) received 182 reports of suspicious transactions from the casino operator, Integrated Casino Resorts Cyprus Ltd, with transactions totalling approximately 480,000 euros during the two years. According to a confidential memo, suspicious transactions amounted to 260,171 euros in 2023 and 219,896 euros in 2024.
Of the 16 cases referred to police – eight each in 2023 and 2024 – one has resulted in enforcement measures by authorities, though it remains unclear whether criminal prosecution was initiated. Criminal investigations are ongoing in two other cases where reasonable suspicions of criminal offences have emerged. Three additional reports have been used in existing police investigations, while the remaining 10 were used in cases involving other offences, including illegal immigration.
The casino operator submitted 101 suspicious transaction reports to MOKAS in 2023, with 34 involving cash transactions. In 2024, 81 reports were filed, with 10 involving cash transactions.
Players from 13 countries flagged in suspicious casino transactions
MOKAS’s confidential memo details the nationalities of players who raised suspicions during due diligence checks. The 34 cash-related reports in 2023 involved individuals from Cyprus, Israel, Greece, Syria, Vietnam, China, Georgia, Poland, Korea and the United Kingdom. The 10 cash-related reports in 2024 concerned players from Cyprus, Greece, Israel, Jordan, Syria, Vietnam, Lebanon and Turkey.
Recent information provided to the House Institutions Committee revealed that Israeli casino patrons wagered 92 million euros in cash during 2024 alone, while Cypriot customers bet 77 million euros in cash during the same period, according to a report published in “Politis” newspaper.
Loopholes allow declaration of casino winnings from occupied north
Legislative gaps identified during a previous committee discussion on March 5 revealed that players from Israel, Lebanon and other Middle Eastern countries can currently enter the Republic of Cyprus, gamble in casinos in the occupied territories, and declare their winnings to Cypriot customs authorities without scrutiny.
MPs debate proposal to exempt casinos from 10,000-euro cash limit
The information emerged during parliamentary discussions about a proposed law that would exempt casinos from the 10,000-euro cash transaction limit imposed last December. The proposal is scheduled for a vote in parliament on March 27.
The bill, introduced by MPs Nicolas Papadopoulos (DIKO), Marinos Mousiouttas (DIPA), Efthymios Diplaros (DISY) and Andreas Themistocleous, has divided lawmakers. DISY MPs Demetris Demetriou and Nicos Georgiou, along with DIKO’s Zacharias Koulias support the urgent consideration of the proposal. AKEL MPs Irene Charalambidou and Andreas Pasioutides, along with independent MP Alexandra Attalides, expressed strong opposition.
During yesterday’s committee session, different preambles were presented for the proposed law to justify exempting casinos from the cash transaction limits. Both the bill’s sponsors and the Ministry of Finance submitted draft preambles.
MPs oppose casino cash limit exemption amid money laundering concerns
Tuesday’s committee meeting was marked by Charalambidou’s early departure following what she described as “inappropriate comments” made by Andreas Themistocleous during her statement. “They cannot silence us in parliament,” she said afterward, adding that “instead of fully aligning with international practices, some are trying to pass a bill opposed by supervisory and regulatory authorities.”
Attalides: “Cyprus will be participating in illegality” if exemption passes
Independent MP Alexandra Attalides made statements at the parliament press room, warning that “Cyprus will be participating in illegality” if the casino exemption passes. She emphasised that the proposal disregards the opposition expressed by professional bodies against lifting restrictions for casino players.
“Cyprus has been targeted for years as a laundromat used by criminals and international fraudsters to launder money,” Attalides said. “I consider it unacceptable that this proposal has come before the Institutions Committee again after we restricted cash use to 10,000 euros by law.”
Attalides highlighted that multiple regulatory bodies oppose changing the law, including “the Tax Commissioner, Central Bank, Cyprus Bar Association, MOKAS, and the Securities and Exchange Commission.”
“What really surprised me in the session was being told that Israelis who come to play at the casino don’t want their money transferred through banks because there is a 35% tax on casino winnings in their country,” Attalides noted. “And listen to this: The supervisory authority is saying we are contributing to citizens of a country deceiving their own country.”
She also outlined the loophole allowing people to declare winnings from casinos in the occupied north at Republic of Cyprus customs: “Someone goes to the occupied territories, plays at a casino, comes to the checkpoint and declares with a casino statement that they won a certain amount. This person, who could be Cypriot or anyone else, crosses to our side, goes to the airport, shows the signed declaration, and leaves. This is unacceptable.”
Attalides called for greater involvement from the Ministry of Finance: “In all the discussions we’ve had, I believe the Ministry of Finance needs to step up and examine what’s happening with customs.”
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