‘Anti-money laundering essential for secure banking system’

This statement by Ahmed Khali, chairman of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) came in his address to the Financial Regulatory Authority to on the outcomes of the evaluation of Egypt by experts of the Middle East and North Africa Financial Action Task Force (MENAFATF).

The evaluation commended Egypt’s tireless efforts in combating money laundering.

The EMLCU chief hailed the coordination and cooperation by the relevant bodies and authorities in Egypt, including the Financial Regulatory Authority, in preparing for the evaluation in line with FATF criteria.

This has helped identify issues that could have represented deficiencies in the anti-money laundering and terrorist financing systems, and achieved honourable outcome for the Egypt, he said.

MENAFATF emerged from the Financial Action Task Force (FATF), which is the global money laundering and terrorist financing watchdog.

The inter-governmental body sets international standards that aim to prevent illegal activities. As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.