Financial Crime Risk Assessment Methods in Egypt Under Scrutiny

The Middle East & North Africa Financial Action Task Force (MENAFATF) has concluded an extensive assessment of Egypt’s efforts to combat money laundering and terrorist financing, sparking a closer look at the country’s financial crime risk assessment methods.

Background

The review was conducted remotely between March 1-9, 2020, and September 16-October 7, 2020. The assessment evaluated the effectiveness of Egypt’s measures in protecting its financial system from abuse and gauged its level of compliance with the FATF Recommendations.

MENAFATF Assessment

The MENAFATF assessment, endorsed by the Financial Action Task Force (FATF), provides a comprehensive review of Egypt’s anti-money laundering and counter-terrorism financing framework. The findings of the report have been made publicly available, with key takeaways and priority actions outlined in the Executive Summary.

Key Takeaways

• Egypt’s financial crime risk assessment methods are being scrutinized
• The country’s efforts to combat money laundering and terrorist financing are being evaluated
• Compliance with FATF Recommendations is a key aspect of the review

Next Steps

The findings of the report will inform priority actions for Egypt to address any gaps or shortcomings in its anti-money laundering and counter-terrorism financing framework. By implementing these recommendations, Egypt can strengthen its financial system and reduce the risk of abuse.

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