Egypt’s Financial Crimes Fighters: EMLCU Cracks Down on Money Laundering and Terrorist Financing with Revised Regulations

At the 13th annual conference of the Association of Certified Anti-Money Laundering Specialists (ACAMS) in Egypt, Ahmed Khalil, Chairman of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU), shared updates on Egypt’s dedication to strengthening its financial crime prevention policies.

Significant Strides in Enacting Revised AML Regulations

During the conference, Khalil announced Egypt’s intentions to enact revised Anti-Money Laundering (AML) regulations to tackle financial crimes effectively. EMLCU has bolstered its action mechanisms against financial crimes, with a particular focus on those involving virtual currency.

Egypt remains committed to adhering to international standards and imposing heavy penalties for money laundering and terrorist funding, Khalil reiterated.

Countering Financial Crimes Amid the Global Covid-19 Crisis

The global Covid-19 crisis has intensified Egypt’s commitment to combating financial crimes, according to Khalil. Criminal organizations are exploiting this crisis, threatening lives and livelihoods worldwide and diverting essential resources from development activities.

Some pressing issues that will be discussed at the ACAMS seminar include:

Tracking cryptocurrency asset activity linked to terrorism and drug trafficking
Automating trade-finance controls to detect signs of money laundering
Overcoming compliance barriers in securing correspondent banking services

The Fight Against Financial Crimes: A Global Priority

Khalil emphasized the importance of the fight against financial crimes in his address to the ACAMS conference. Egypt’s efforts are a critical part of the global community’s ongoing mission to combat these illicit practices.