Egypt’s Banks Face Crucial Compliance Test as MENAFATF Releases Assessment Report

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The Middle East & North Africa Financial Action Task Force (MENAFATF) has completed an exhaustive assessment of Egypt’s efforts to combat money laundering and terrorist financing. This crucial evaluation will shape the country’s financial landscape and is a vital tool for banks operating in Egypt.

Comprehensive Review Conducted

The assessment was conducted remotely from March 1-9, 2020, and September 16-October 7, 2020. It examined the effectiveness of Egypt’s measures in shielding its financial system from abuse and its compliance with the Financial Action Task Force (FATF) Recommendations.

Key Findings and Priority Actions

The assessment’s findings have been reviewed and endorsed by FATF. The report provides key insights into Egypt’s anti-money laundering and counter-terrorism financing regime. Bank officials will need to closely examine the report’s executive summary, which outlines priority actions and key findings, to ensure they are meeting their compliance obligations.

Compliance Obligations for Banks

With this assessment complete, Egypt’s financial institutions must now prioritize implementation of the recommended measures to maintain a robust and secure financial system that protects against illicit activities. Bank officials will need to:

• Examine the report’s executive summary and priority actions
• Ensure they are meeting their compliance obligations
• Implement recommended measures to maintain a secure financial system

Conclusion

The MENAFATF assessment is a crucial evaluation for Egypt’s banks, providing key insights into the country’s anti-money laundering and counter-terrorism financing regime. By prioritizing implementation of the recommended measures, Egypt’s financial institutions can ensure a robust and secure financial system that protects against illicit activities.