Egypt has improved the tools needed for countering the crime of money laundering and terrorist financing, Ahmed Khalil, the chairman of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU), said.

 

The EMLCU is an independent unit at the Central Bank of Egypt. It was established in 2003 under money laundering law.

 

Khalil said that the country has efficiently addressed the coronavirus pandemic challenges and continued its work as a president of the Middle East and North Africa Financial Action Task Force (MENAFATF).

 

"Egypt is keen on cooperating with state members of the MENAFATF to counterting the crimes of money laundering and terrorist financing," Khalil told the 32nd meeting of the MENAFATA, which was held virtually on Sunday.

 

He added that Egypt is eager to implement the MENAFATF's action plan and address the challenges facing the group in the sense of mutual evaluation and increasing its efficiency.

 

The MENAFATF emerged from the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog.

 

The FATF cooperates with a number of international agencies and includes many states as members in addition to observers.