Prime Minister Mostafa Madbouli said that Egypt has come a long way in fighting money laundering and terrorism financing via enacting laws and introducing supervisory and regulatory rules.
He added Egypt has set up measures to identify customers in the various financial institutions in line with international standards related to money laundering and terrorism financing that are defined by international organizations, topped by the Financial Action Task Force (FATF) and the Egmont Group of Financial Intelligence Units.
Speaking at an annual workshop, hosted by the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU), on capacity building in the Middle East and Africa region, Madbouli said that money laundering and terrorism financing are the most serious threats to the stability of the global financial and economic systems.
He stressed the necessity of complying with international and domestic regulatory systems that constitute a powerful deterrent to any criminal elements and persons engaging in terrorist activities.
He further underlined the need to foster cooperation among all countries and stakeholders and competent national authorities in a way that helps strengthen Arab and African economies.
The workshop, held under the aegis of President Abdel Fattah El Sisi, is organized in cooperation with the Central Bank of Egypt and Middle East & North Africa Financial Action Task Force (MENAFATF), Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).