EMLCU chairman: Egypt keen on combating money laundering, terrorism financing

Chairman of the Board of Trustees of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) Counselor Ahmed Saeed Khalil said Egypt is keen on fighting money laundering and terrorism financing crimes to protect the State’s financial system through an effective mechanism that runs in line with international standards applied in this respect.

In his word Friday before the 7th Annual Meeting of Compliance Managers in Arab Banks, held in the Red Sea resort city of Hurghada during the period between April 14 to 16 under the rubric ‘Enhancing the effectiveness of the role of the private sector in combating money laundering and terrorism financing’, the EMLCU chairman said the money laundering and terrorism financing crimes are considered a major threat to the safety and stability of all countries’ financial systems, highlighting Egypt’s efforts in facing up to such crimes.

Egypt has incorporated advanced policies, including technologies meant to identify, analyze and assess these criminal activities, which represent a significant threat to businesses, economies, and societies around the globe, with a view to combating them and protecting its financial and non-financial sectors from their harm, Khalil said.

He also stressed the importance of establishing an effective partnership between the public and the private sectors, along with civil society in this respect, noting that this would lead to a robust economic system that would help achieve development goals.

The Annual Forum for Compliance Managers in Arab Banks represents a high-level platform for discussing the risks faced by societies resulting from financial crimes and their impact on the stability of financial systems and the best means to increase the effectiveness of combating them. This forum focuses on the most important challenges facing compliance managers in Arab banks, taking into account the continued developments in our world, especially with regard to criminals using modern and innovative methods to launder their criminal proceeds and to finance terrorism, requiring the anti-money laundering and terrorism financing system to be flexible and continuously evolving.

Raising awareness and building capacities of the financial institutions and those required to report suspicious transactions to the Financial Investigation Unit to raise the quality of reports, the adequacy of analysis, and the availability of relevant information and documents is figuring high among the forum’s objectives.

The gathering is organized by the EMLCU in cooperation with the Union of Arab Banks (UAB) and the Federation of Egyptian Banks (FEB).

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