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Egypt to cooperate with foreign bodies to combat money laundering

CAIRO – 16 October 2019: The Egyptian judicial authorities will cooperate with the foreign judicial authorities to combat money laundering crimes in accordance with the Anti-Money Laundering Law No. 80 of 2002.

The law stipulates that aid, judicial reassignments and extradition of accused and convicted persons shall take place between Egypt and other countries in accordance with the rules established by bilateral or multilateral agreements, in which Egypt is a party.

Article 19 of the Anti-Money Laundering Act stipulates that the authorities inEgypt and foreign countries shall have the right to take the necessary legal measures to trace or freeze the funds of the convicts.

Article 20 of the law stipulates that the competent Egyptian judicial authorities may order the execution of the final criminal judgments issued by the competent foreign judicial authorities to confiscate the funds derived from money laundering crimes or their proceeds.

Bilateral or multilateral agreements, providing for control of the funds of convicted persons and distribution of such proceeds to the parties ofthe convention, may also be concluded in accordance with the convention.

In July 2019, Prime Minister Mostafa Madbouli said that Egypt has come a long way in fighting money laundering and terrorism financing via enacting laws and introducing supervisory and regulatory rules.

He added Egypt has set up measures to identify customers in the various financial institutions in line with international standards related to money laundering and terrorism financing that are defined by international organizations, topped by the Financial Action Task Force (FATF) and the Egmont Group of Financial Intelligence Units.

Speaking at an annual workshop, hosted by the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU), on capacity building in the Middle East and Africa region, Madbouli said that money laundering and terrorism financing are the most serious threats to the stability of the global financial and economic systems.

He stressed the necessity of complying with international and domestic regulatory systems that constitute a powerful deterrent to any criminal elements and persons engaging in terrorist activities.

He further underlined the need to foster cooperation among all countries and stakeholders and competent national authorities in a way that helps strengthen Arab and African economies.

Egypt established the Egyptian Money Laundering and Terrorist Financing Combating Unit in 2002 under the Anti-Money Laundering Law No. 80 of 2002. The unit’s job is to combat money laundering and terrorist financing activities in Egypt.

The unit aims to improve anti-money laundering/terrorist financing combating systems that have been implemented by financial institutions and others operating in Egypt. Their job is to prevent exploitation of the funds generated by criminal activities or the financing of terrorist activities. The unit’s main function is to receive, analyze, and distribute the STRs received from financial institutions and non-financial businesses and professions.
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