EMLCU Reviews Egypts Efforts to Fight Financial Crime

Chairman of EMLCU (Egyptian Money Laundering and Terrorist Financing Combating Unit) Ahmed Saeed Khalil reviewed the efforts exerted by Egypt to fight terrorism funding and money laundering.

Egypt has made strenuous efforts in global compliance to address the prevailing issues of financial crime and money laundering. In the inaugural session of the Annual regional workshop on Applications and Building Capabilities in the Middle East and North African Region in the field of money laundering and terrorism funding, hosted in the UAE, Ahmed Saeed Khalil, the chairman of EMLCU, addressed various global challenges that needed to be countered with their role in the spread of financial crimes.

The rapid changes and repercussions of the coronavirus pandemic across the globe have opened rich avenues for trans-border crimes, corruption, human trafficking, and illegal immigration. Khalil added that criminals manipulate global crises to make billions, it is a matter that deprives the economies of developing countries of profits from any development plans. 

The EMLCU chief also highlighted the efforts from Egyptian authorities to combat such issues, adding that the country has joined UNCAC (United Nations Convention Against Corruption), which commits nations to counter corruption schemes as 189 countries are now signatories to the agreement. 

Khalil also announced that Egypt will be launching the third phase of the National Strategy, which will cover the period between 2023 to 2030, to combat corruption.

Commenting on illegal immigration and human trafficking, Khalil said Cairo had signed various International and regional agreements to counter organised crimes, including the UNTOC (United Nations Convention Against Transnational Organised Crime), also known as Palermo Convention. He added that Egypt is also a signatory to protocols banning human trafficking, especially of children and women. 

Khalil accentuated the need to promote coordination among the parties regionally concerned to perform financial investigations to track illicit financial activities. He also referred to EMLCU’s role in creating the Egyptian system of combating money laundering and terrorist financing. 

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