Egypt Falls Short in Fight Against Terrorist Financing, MENAFATF Finds

The Middle East & North Africa Financial Action Task Force (MENAFATF) has conducted a comprehensive review of Egypt’s efforts to combat money laundering and terrorist financing. Unfortunately, the assessment revealed significant shortcomings in Egypt’s compliance with international standards.

Assessment Findings

The MENAFATF team conducted an on-site visit to Egypt between March 1-9, 2020, and September 16-October 7, 2020, although some aspects of the assessment were completed remotely due to pandemic-related restrictions. The findings have been reviewed and endorsed by the Financial Action Task Force (FATF), a global authority on combating money laundering and terrorist financing.

Key Findings

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Priority Actions Identified

To address these shortcomings, priority actions have been identified to improve Egypt’s compliance with international standards. These actions aim to strengthen the country’s financial system and prevent abuse by terrorist organizations.

Conclusion

The MENAFATF assessment highlights the need for Egypt to enhance its efforts to combat money laundering and terrorist financing. The Egyptian government must take immediate action to address the identified shortcomings and implement the recommended priority actions to ensure the integrity of its financial system.

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