Car Dealerships Surge Raises Legal Concerns.

Northern Cyprus sees a boom in car dealerships, highlighting economic issues and allegations of money laundering amid regulatory shortcomings.

Northern Cyprus has seen an unprecedented increase in the number of car dealerships, with 278 registered auto galleries now operating on the small island. This rapid increase has spotlighted significant economic and legal issues, particularly allegations of money laundering.

The surge in luxury vehicle dealerships emphasizes serious deficiencies in regulatory oversight and supervision. The lack of control and tax-free transactions within the sector raises the risk of money laundering and leads to unfair competition among businesses.

The current situation raises the urgent need for enhanced inspections and more stringent regulations. The Ministry of Economy and Energy, along with the Ministry of Finance, are being called upon to address these issues and implement measures to prevent unfair competition and ensure proper oversight within the sector.