Casinos will have to declare earnings
Cyprus: Turkish Cypriot side brings casinos under tighter control
(Cyprus).- A new gaming law aimed at bringing casinos in the north- under tighter financial control, has been approved by the Turkish Cypriot side.
2009-03-09
Reading time 19 seg
The move came after weeks of wrangling among Turkish Cypriot politicians over whether the EU, British and US-inspired law was desirable. In the event, the bill was passed by a whisker ...Britain welcomed the move this week.
Under the new law, casinos have to declare earnings, pay higher rates for licenses and have to fulfill a host of conditions to prove that money laundering is not taking place on their premises.
Many casino owners are known to be furious about the new law.
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