Financial Crime World

Title: MENAFATF Endorses Egypt’s Progress in Combating Money Laundering and Terrorist Financing: Key Findings and Priorities

The Middle East & North Africa Financial Action Task Force (MENAFATF) has completed its assessment report on Egypt’s progress in combating money laundering and terrorist financing. Below are the key findings from this report.

Assessment Process

  • The assessment was conducted between March 1, 2020, and September 16, 2020, and October 7, 2020.
  • The evaluation process included a remote on-site visit due to the global health crisis.

Egypt’s Progress

Under the FATF’s evaluation, Egypt has made significant strides to address money laundering and terrorist financing threats. Some of these achievements are:

  • Legislative amendments: Egypt has introduced numerous changes to its legal framework to support its countermeasures against illicit activities.
  • Strengthened Financial Intelligence Unit (FIU): Egypt’s FIU has been enhanced to effectively monitor and investigate financial transactions with a focus on money laundering and terrorist financing investigations.
  • Enhanced regulatory oversight: Egypt’s regulatory oversight has been reinforced to maintain compliance with the FATF Recommendations.

Areas for Improvement

Despite these advancements, MENAFATF identified some areas for improvement. These include:

  • Comprehensive supervisory framework for non-financial businesses and professions: Egypt is urged to establish a regulatory framework for non-financial businesses and professions to maintain an effective watch against money laundering and terrorist financing.
  • Improve interdisciplinary information sharing: Enhancing interdisciplinary information-sharing mechanisms between relevant authorities in Egypt would improve the overall effectiveness in combating these threats.
  • Virtual assets: Egypt needs to address the use of virtual assets for illicit activities. This will strengthen the country’s position against ever-evolving money laundering and terrorist financing methods.

FATF Endorsement and Next Assessment

The findings of this assessment have been thoroughly examined and endorsed by the FATF. The full report, including its Key Findings and Priority Actions, is available to the public. Egypt will be subject to its next assessment in 2023 to monitor its continued progress in fully implementing the FATF Recommendations.