RIYADH – Counselor Ahmed Saeed Khalil, the head of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU), asserted the Egyptian State’s keenness on employing modern technology to support efforts to combat corruption and money laundering crimes.
This came in his word during his participation in the two-day Arab Forum of Anti-Corruption Agencies and Financial Intelligence Units that kicked off on Wednesday in Riyadh.
The forum is organised by the Oversight and Anti-Corruption Authority in the Kingdom.
In his word at the forum, Khalil said Egypt is fully committed to all international conventions related to combating financial and corruption crimes as per international standards and relevant UN Security Council resolutions.
He further underlined the rapid technological development in various domains that the world is witnessing, including digital payments, the spread of formal financial services, and the promotion of financial inclusion.
Technology is a “double-edged sword”, he said, elaborating that it can involve many risks, including cybercrime and money laundering risks arising from the use of modern financial technology.
The United Nations has emphasised in many of its reports the importance of modern technology, and
its support for harnessing technology as a tool crafted to enhance management, integrity, transparency and accountability in legal procedures, he said.
As per the 2021 MENAFATF report that provides a summary of the anti-money laundering (AML)/counter-terrorist financing (CFT) measures in place in Egypt, Khalil said that the country managed to take a number of measures to reduce the use of cash and boost financial inclusion.
The forum brings together key stakeholders from the Middle East and North Africa to combat financial crime, money laundering, and terrorist financing through enhanced cooperation and capabilities.
It aims to establish impactful collaboration among Saudi agencies, counterpart organisations, and regional and international bodies to combat financial crime effectively.
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