Egypt reviews efforts to combat money laundering, terrorism funding

Chairman of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) Ahmed Saeed Khalil reviewed strenuous efforts exerted by Egypt to fight money laundering crimes and terrorism funding.

Addressing the inaugural session of the Annual Regional Workshop on Applications and Building Capabilities in the Middle East and North Africa Region in the field of Money Laundering and Terrorism Funding, hosted this year by the UAE, Monday, Khalil shed light on a number of global challenges that had to be countered and their role in the spread of various crimes including the financial ones.

The rapid global changes and the repercussions of the coronavirus pandemic had provided a rich environment for trans-border crimes, corruption, human trafficking and illegal immigration, Khalil noted, adding that criminals manipulate the world crises to gain billions of dollars; a matter which deprives the economies of developing nations from the profits of any development plans.

The EMLCU chief also underlined Egypt’s efforts to counter such crimes, noting that Egypt has joined the United Nations Convention against Corruption (UNCAC), which commits countries to fight any corruption schemes, adding that 189 countries are now signatories to the agreement.

He also talked about Egypt launching of the third phase of the national strategy for combating corruption, which covers the period from 2023 through 2030.

On combating human trafficking and illegal immigration, Khalil said Cairo has joined several international and regional agreements on combating organized crimes, including the United Nations Convention Against Transnational Organized Crime (UNTOC, also called the Palermo Convention), adding that Egypt is also a signatory to protocols on banning human trafficking, especially of women and children.

Khalil accentuated the need for promoting coordination among all parties concerned regionally and internationally to carry out regular financial investigation to track Illicit financial activities.

He also referred to the EMLCU’s role in developing the Egyptian system of combating money laundering and terrorist financing.

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