Egypt launched a new phase of its national strategy to combat money laundering and terrorism financing on Sunday. The national strategy aims to protect Egypt’s financial and non-financial sectors from the risks of money laundering, terrorism financing, and arms proliferation. This effort is led by Chancellor Ahmed Saeed Khalil, who heads the Anti-Money Laundering and Counter-Terrorism Financing Unit.
During the launch event, Counselor Khalil stressed the importance of ensuring that the national strategy is comprehensive and provides an integrated system to address these types of crimes in line with regional and international standards and conventions. The Anti-Money Laundering and Terrorist Financing Unit is working closely with the National Co-ordination Committee, which specializes in combating money laundering and terrorist financing, and other relevant entities to develop the national strategy and update it regularly to keep pace with local, regional, and international developments.
According to Chancellor Khalil, the new phase of the strategy, which they are about to launch, is based on international standards issued by the Financial Action Task Force (FATF) and other international and regional conventions concerned with combating money laundering and terrorism financing. Among them are conventions on combating illicit trafficking in narcotic drugs and psychotropic substances, conventions related to the suppression of the financing of terrorism, conventions on combating transnational organized crime, and conventions related to preventing and combating corruption.
The strategy aims to achieve financial stability, which will have a positive impact on supporting the Egyptian economy and achieving Sustainable Development Goals. The report on the mutual evaluation of measures to combat money laundering and terrorism financing in Egypt, which was adopted by the Middle East and North Africa Financial Action Task Force (MENAFATF) General Meeting in June 2021, was also taken into account, as well as international best practices in this regard.
The principle of participation is one of the main pillars that led to the conclusion of the new phase of the national strategy, according to Chancellor Khalil. All stakeholders were involved in the development and preparation of this version to make it a comprehensive strategy. This new phase is an extension and an update of the objectives of the previous phase, particularly in ensuring a common understanding of the risks of money laundering and terrorism financing at the national level, modernizing legislative and oversight frameworks in line with international standards, increasing the commitment of the entities subject to the requirements of combating them, and intensifying local, regional, and international cooperation in this field.
In conclusion, Egypt’s new national strategy to combat money laundering and terrorism financing is a positive step towards achieving financial stability and economic growth while protecting the financial and non-financial sectors from the risks of these crimes. The involvement of all stakeholders and the adherence to international standards and conventions are crucial in ensuring the success of this effort.
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