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Egypt to Enact Updated AML Legislations and Develop Action Mechanisms to Curb Financial Crimes

Richard M. DECEMBER 7, 2022 1 minute read

Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) is all set to enact revised AML regulations and scale up action mechanisms for curbing financial crimes in the country.

Chairman of EMLCU Ahmed Khalil said in a speech at the 13th annual conference of the Association of Certified Anti-Money Laundering Specialists (ACAMS) that Egypt is implementing updated legislation, establishing action mechanisms to deal with virtual currency, along with imposing heavy fines to fight money laundering & terrorist funding in compliance with international standards.

Ahmed Khalil said that Egypt has been making intense efforts to improve coordination with all relevant global bodies to ride out worldwide challenges regarding fighting money laundering, especially during the covid times.

According to Khalil, criminals take advantage of global crisis like Covid-19, which is endangering the lives of billions of people worldwide. He also added that financial fraud and bad business practices deprive nations of reserves to be used for development.

ACAMS is hosting a two-day seminar so that participants can learn about shifting regulatory objectives and new threats of financial fraud. Attendees in this year’s ACAMS MENA conference will have the opportunity to connect with local subject-matter specialists in the AFC space. They can also ask conference speakers questions about issues like tracking cryptocurrency asset activity for ties to terrorism and drug trafficking, automating trade-finance controls to look for signs of trade-based money laundering, and trying to overcome compliance barriers to getting correspondent banking services.

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