Financial Crime World

Egypt Cracks Down on Financial Crime: A Look at Egypt’s Anti-Money Laundering and Terrorist Financing Regime

Cairo, Egypt, has taken significant strides in combatting financial crimes, with a focus on money laundering and terrorist financing. As a member of various international organizations, including the United Nations (UN), the African Union (AU), and the League of Arab States, Egypt employs a three-pronged approach to addressing these criminal activities.

Egypt’s Own Sanctions Regime

Egypt enforces its own sanctions regime, which allows for the imposition of economic sanctions on organizations involved in criminal activities such as terrorism and money laundering. The country:

  • Actively implements UN sanctions
  • Established the Central Bank of Egypt (CBE) Unit to cooperate with international agencies and committees
  • Collects information on suspicious transactions and investigates potential cases of money laundering
  • Has an autonomous terrorist sanctions regime (Decree Law No. 8 of 2015)

Collective Countermeasures

Since 2017, Egypt has taken collective countermeasures against Qatar, including cutting air and maritime links. Following the agreement at the Gulf Cooperation Summit in January 2021, Egypt has agreed to end the embargo and reopen its links with Qatar.

Adherence to International Laws and Domestic Regulations

Egyptian authorities, including the Ministry of Foreign Affairs, the General Prosecution, and the Financial Regulatory Authority, work together to supervise and implement these sanctions and adhere to both UN and domestic laws such as:

  • The Law on Terrorist Organisations and Terrorists Lists
  • Decree No. 23 of 2020 regarding the list of individuals and entities subject to targeted financial sanctions

Consequences of Breaching Laws

The consequences of breaching Egypt’s sanctions and anti-money laundering laws vary and are strictly enforced. Penalties include:

  • Fines and imprisonment
  • Seizure of proceeds of crime
  • Suspension of licenses

Contact for More Information

For more information on Egypt’s sanctions regime and relevant regulators, please contact:

  • Egyptian Ministry of Foreign Affairs
  • The General Prosecution
  • The Financial Regulatory Authority

Note: This article is intended to provide general information and does not constitute legal advice. For specific legal advice, please consult with a qualified legal professional.