Insider Business SEC warns against cash payments over €10,000

SEC warns against cash payments over €10,000

The Securities and Exchange Commission has warned that accepting cash of €10,000 or more for precious stones, vehicles, works of art or antiquities is a criminal offence.

In a circular posted on its website on Wednesday, it said that under article 5 A of the 2007 law on money laundering, the restriction applies irrespective if the money is paid in one or more instalments to people who trade in precious stones and/or metals, motor vehicles, works of art and/or antiques as part of their business activities.

Breaking the law is punishable with a fine not exceeding 10% of the money accepted in cash.

 

 

Top Stories

500 COVID-19 tests in Kyperounta after increased number of cases

The Health Ministry announced that over the coming days, 500 COVID-19 tests will be conducted in Kyperounta after the increased number of confirmed cases. As...

1.3 referrals to specialized doctors in one year

From the very first day of the implementation of the National Health System, meaning as of 1 June 2019, and until the first 20...

Newlyweds and models posing in the fenced-off town of Famagusta (PHOTOS)

Photos circulating on the internet, showing a couple of newlyweds from Turkey but also fashion models posing on the ruins of the fenced-off town...

Buses collide at Nicosia square (PHOTOS)

An accident occurred this morning at Nicosia’s Solomon Square, fortunately without any victims. A bus of the Nicosia Public Transport moved forward by itself...

France will not give in to ‘intimidation’ says spokesman of Turkey’s attacks on Charlie Hebdo

France will not give in to 'intimidation' from Turkey, spokesman Gabriel Attal told reporters at a briefing on Wednesday (October 28), after attacks from...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...