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

Cypriot Foreign Minister participates in crucial EU Foreign Affairs Council

Cyprus’ Minister of Foreign Affairs Nikos Christodoulides will be in Brussels on Monday to participate in the EU Foreign Affairs Council, which for the...

Koupes (cracked wheat pies) with mushrooms

Ingredients: For the dough: 1½ cup bulgur wheat 2 cups water 1 tsp. salt For the filling: 250gr. mushrooms, finely chopped ½ cup of olive oil 2 big onions, coarsely chopped 1...

95% of Cyprus road accident fatalities in 2019 caused by human factor – report

A Road Safety Council analysis of last year's fatal road accidents attributed 95% of deaths (55 people) to the human factor, Phileleftheros reports. The Council,...

Actress Kelly Preston dies of breast cancer at 57

American actress Kelly Preston who has appeared in films including "Jerry Maguire" and "Twins", has died aged 57 after battling breast cancer for nearly...

Event organisers announce strong measures in protest of big events relaunch decisions

The Cyprus Events Professionals Association (Pasyepek) said on Monday they "regret that once again the businesses of the sector are left hanging from the...

Taste

Koupes (cracked wheat pies) with mushrooms

Ingredients: For the dough: 1½ cup bulgur wheat 2 cups water 1 tsp. salt For the filling: 250gr. mushrooms, finely chopped ½ cup of olive oil 2 big onions, coarsely chopped 1...

Fried zucchini balls with halloumi

Ingredients: 6 medium zucchinis (approximately 1kg) 1 small onion, grated 1 large halloumi (about 250gr.), grated ½ cup simple flour 2 tsps. fine lemon zest 2 big eggs 1 tbsp. fresh...

Rocket salad

Ingredients: 4 cups rocket leaves, rinsed and dried 1 cup cherry tomatoes 1 cup pomegranate seeds 1 red bell pepper ½ cup croutons 2-3 light cheese slices (grated) salt ½ of a...

Kolokasi (Taro Root)

Ingredients: (Serves 4) 1 kg kolokasi (taro) root ½ kg pork (lean belly pork or shoulder) cut into large cubes 6 tbsp olive oil 1 head of fresh celery,...