MENAFATF in the fight against money laundering, terror finance

Khalil, who is also chairman of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU), an independent unit at the Central Bank of Egypt (CBE), also underlined the significance of boosting co-operation with the concerned bodies to develop alternative solutions at the face of the relevant challenges at the international level, besides securing the continuation of the efforts to defeat money laundering and financing of terrorism.

The EMLCU chief made the statements in his address to MENAFATF’s 33^rd general meeting that opened in Cairo on Tuesday. Egypt has been MENAFATF’s president for 2020-2021.

The two-day event discuses a host of issues and reports, topped with the relation between MENAFATF and the reginal and international organisations operating in the field of countering money laundering and financing of terrorism, and the future co-operation with them.

Khalil stressed MENAFATF’s commitment to assessing the systems of anti-money laundering and combatting the financing of terrorism and proliferation, as well as working closely through mutual assessments and country field visits for regular reviews and modernizing relevant strategies and policies.

Despite the touch conditions resulting from the pandemic, MENAFATF continued, with resolve, its mission to achieve assessment of the systems Egypt applies in the field of anti-money laundering and combatting the financing of all forms of terrorism, Khalil noted.

Over the last period, a special workshop was organised for applications within the framework of implementing a project on money laundering and terrorist financing crimes ensued from human trafficking and migrant smuggling, the chief of MENAFATF and EMLCU said.

All these activities have demonstrated the importance of technical assistance and applications within the work areas of MENAFATF.