The Egyptian parliament's constitutional and legislative affairs committee on Monday approved several amendments to the anti-money laundering law, law number 80 of 2002.
The committee's deputy chairman, Ihab El-Tamawy, told reporters that the amendments aim to tackle funding for terrorist activities.
"The law was passed in 2002 and since then there have been many developments, on top of which is that terrorists and terrorist organisations now resort to money laundering activities to fund their crimes," said El-Tamawy.
An explanatory note that accompanied the government-drafted amendments said four articles of the law on will be amended.
Article 1 will be amended to widen the scope of money laundering activities which terrorist organisations currently make use of, such as selling and smuggling oil and other natural resources, according to the note.
Article 16 will be amended to give greater powers to the Anti-Money Laundering and Terrorism Funding Unit, to help it take quick and effective measures such as freezing assets and cash from those suspected of funding terrorist crimes.
Article 18 will be amended to make it compulsory for local authorities and the anti-money laundering unit to reinforce cooperation and exchange information with international organisations in regard to fighting money laundering and the funding of terrorism.
Article 9 will be amended to require the anti-money laundering unit to publish up-to-date and comprehensive statistics and figures on its activities and operations in tracking illegal funding of terrorist crimes.