Financial Crime World

Egypt’s War on Financial Crimes: A Look into the Country’s Sanctions Regime and Combating Money Laundering and Terrorist Financing

Egypt’s Compliance with Global Sanctions

  • Egypt is a member of several international organizations, including the UN, African Union, and League of Arab States, which have sanctions regimes in place.
  • Egypt complies with UN sanctions through Law No. 80 of 2002 on Money Laundering.
  • The Central Bank of Egypt (CBE) Unit cooperates with UN sanctions committees and other international agencies to combat money laundering and terrorist financing.

Autonomous Sanctions Regime

  • Egypt also has its autonomous sanctions regime, as articulated in Decree Law No. 8 of 2015.
  • Individuals can be placed on this list for a renewable five-year period following a recommendation from the Attorney General and the approval of the Felonies Court.
  • Those found guilty of committing a “terrorism-offense” under the new Anti-Terrorism Law No. 94 of 2015 can also be added to the list.

Information Collection and Investigation

  • The CBE Unit collects information from various sources about suspicious transactions.
  • When the CBE Unit suspects that an offense has been committed, it refers the case to the General Prosecution for further action.

Sanctions under Egyptian Law

  • Egypt, as a founding member of the UN, is bound by resolutions issued under Chapter VII of the UN Charter and imposes sanctions on states, entities, and individuals accordingly.
  • The Ministry of Foreign Affairs oversees the implementation of international agreements, UN Charter, and sanctions issued under domestic law, such as the Law on Terrorist Organisations and Terrorists Lists.

Consequences and Breaches

  • Sanctions imposed under the Law on Terrorist Organisations and Terrorists Lists include banning the organization, freezing assets, and travel bans, among others.
  • The breach of these sanctions can result in various consequences, including administrative or criminal penalties for non-compliance, as well as fines and imprisonment for individuals and corporations.
  • Egypt’s Anti-Money Laundering Law also imposes penalties for breaches, ranging from fines to imprisonment.

Relevant Regulators and Contact Information

  • Egyptian Ministry of Foreign Affairs [Contact details provided]
  • The General Prosecution [Contact details provided]
  • Financial Regulatory Authority [Contact details provided]
  • Tarek Badawy, Partner, Shahid Law Firm [Contact details provided]

In Conclusion

  • Egypt’s legal framework against financial crimes continues to evolve to address the complexities of illicit activities.
  • Egypt’s commitment to cooperate with global and regional organizations in combatting money laundering and terrorist financing strengthens its stance against these financial crimes.