Egypt made worked hard and made significant progress in recent years against money laundering, terrorism financing and the spread of illegal weapons, an international report says.
The report by the Middle East and North Africa Financial Action Task Force (MENAFATF) added that Egypt ranks among the most successful countries in counter-terrorism activities, earning global acclaim for demonstrating commitment to international standards in the fight against terrorism financing.
MENAFATF assessed these efforts by the Unit for Combating Money Laundering and Terrorism Financing, which was set up by the Central Bank of Egypt (CBE) in 2002.
The latest evaluation of Egypt’s efforts to combat money laundering and starve terrorist organisations of funds came at a difficult time as Egypt and the rest of the world struggled to contain the Covid-19 pandemic.
“We defined measures taken by Egypt to honour its compliance with FATF principles and guidelines,” the unit said.
MENAFATF is a subsidiary of the Financial Action Task Force (FATF), founded in 1989 on an initiative by the G7.
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