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Suspicious Transactions Under Scrutiny

Egyptian authorities have intensified their efforts to combat money laundering and terrorism financing, cracking down on suspicious transactions and imposing severe penalties for those found guilty.

Confidentiality of Financial Information

Under Article 11 of the law, financial institutions are prohibited from disclosing information about financial transactions suspected of involving money laundering or terrorism financing. Only authorized authorities can access this information, and even then, only with a valid reason.

Declaration of Large Amounts by Travelers

In an effort to prevent money laundering, travelers entering or leaving Egypt are required to declare any amounts exceeding $10,000 in foreign currencies, securities, or negotiable bearer commercial papers (Article 12). Failure to do so can result in seizure of the funds and questioning by customs authorities.

Penalties for Money Laundering

The law imposes stiff penalties for those found guilty of money laundering. Offenders can face imprisonment for up to seven years and fines equivalent to twice the amount involved in the crime (Article 14).

Accountability for Reporting Suspicious Transactions

Additionally, Article 15 stipulates that individuals who violate provisions related to reporting suspicious transactions or keeping records of financial transactions can be fined and imprisoned.

Liability of Legal Persons

In a landmark move, the law also holds legal persons accountable for money laundering crimes committed by their employees. The responsible individual can face penalties, and the company can be jointly liable for financial damages (Article 16).

International Cooperation

Egypt is committed to international cooperation in fighting money laundering and terrorism financing. Article 18 of the law outlines procedures for judicial assistance, extradition, and repatriation of assets in accordance with bilateral or multilateral treaties.

Confiscation of Funds

In a significant development, Egyptian courts can now order the confiscation of funds resulting from money laundering and terrorism financing crimes, even if these funds are held abroad (Article 20).

Seizure of Assets

As Egypt continues to combat financial crime, authorities are working closely with international partners to trace, freeze, and seize assets linked to money laundering and terrorism financing. The ultimate goal is to disrupt criminal networks and bring perpetrators to justice.

Source: Egyptian Ministry of Justice and the National Council for Combating Money Laundering and Terrorism Financing