SHARM EL SHEIKH, Egypt – Chairman of the Egyptian money laundering and terrorist financing combating unit (EMLCU) Ahmed Said Khalil said Saturday that the crimes of money laundering and bankrolling terrorism have negative impacts on the stability and integrity of the global financial systems.
Khalil’s remarks came during his speech at a forum on anti-money laundering and terrorism financing, held in Sharm El-Sheikh on 1-3 September.
He underscored the important role of the bodies concerned with fighting these crimes, and the significance of having cooperation on local, regional, and international levels to uproot them.
Khalil shed the light on the continuous development in methods of money laundering and financing terrorism, especially after the growing development in digitalization and modern technologies witnessed worldwide.
He explained the recommendations of the forum, which highlighted the significance of boosting international cooperation to counter these crimes.
The event, which is organized by the Union of Arab Banks in collaboration with the Central Bank of Egypt (CBE), brings together over 350 banking experts from 16 Arab and Western countries.
It addresses the risks of financial crimes that have surged in light of increasing attempts by criminals and organized criminal groups to penetrate the financial and economic systems to legitimize their criminal proceeds and in light of the attempts by terrorists and terrorist entities to execute their plans without being tracked.
