Title: MENAFATF Endorses Egypt’s Progress in Combating Financial Crimes

Significant Development for Egypt’s Financial Sector

In a noteworthy milestone for Egypt’s financial sector, the Middle East & North Africa Financial Action Task Force (MENAFATF) has endorsed the country’s progress in preventing money laundering and terrorist financing. This assessment took place between March 1 and 9, 2020, and September 16 to October 7, 2020. Due to the ongoing COVID-19 pandemic, the evaluation was carried out remotely.

Egypt’s Commitment to Finacial Crime Prevention

• The MENAFATF assessment focused on Egypt’s measures to safeguard its financial system
• The evaluation’s findings were approved by the Financial Action Task Force (FATF)
• The report highlights Egypt’s progress in various areas of assessment

Key Outcomes of the Assessment

According to the Executive Summary, Egypt demonstrated considerable progress in various areas but identified some priority actions to further strengthen its AML/CTF regime.

Egypt’s Progress

• Enhancing its financial crime prevention framework
• Implementing the FATF Recommendations

Priority Actions

Egypt must address the following priority actions:

• Improvements in customer due diligence measures
• Strengthening the legal framework for the freezing and confiscation of proceeds of crime
• Intensifying efforts to address deficiencies related to supervision and enforcement of financial institutions

Egypt’s Continuous Efforts

• The successful conclusion of the assessment signifies Egypt’s continuous efforts
• The next steps involve immediate action on priority recommendations
• Egypt’s cooperation with international organizations remains crucial