Chairman of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) Judge Ahmed Said Khalil (Photo: Al-Ahram)
The EMLCU aims to boost the national economy and achieve Sustainable Development Goals (SDGs) by protecting financial and non-financial sectors in Egypt from the hazards of money laundering, terrorism financing and armament, said the Chairman of the EMLCU, Ahmed Said Khalil.
Khalil said that the unit aims to coordinate with members of its national committee to consistently update the strategy in a manner that keeps up with regional and international developments.
Khalil lauded the tireless efforts exerted by the national committee members that allowed for the launch of the strategy in record time.
Khalil further added that the new stage complies with international standards and is mindful of the recommendations given by the Financial Action Task Force (FATF), an intergovernmental organisation founded on the initiative of the international Group of Seven (G7) in developing policies to combat money laundering.
He called for taking “real steps” on the ground to put into effect the strategy’s goals.
In 2022, Egypt adopted a national strategy to combat terrorism and its financing following the “continuous development of the mechanisms used to commit these crimes,” Khali announced in September at the Forum on Anti-Money Laundering and Terrorism Financing.
This was about the increase in internet users over the past two decades.
This led to the House of Representatives’ approval of government-drafted legislative amendments to the 20-year-old anti-money laundering law (Law 80/2002).
President Abdel-Fattah El-Sisi’s ratification of the Anti-Cyber and Information Technology Crimes Law in 2018 was also concerned with combating extremist and terrorist organisations using the internet to plan terrorist attacks.
The EMLCU was initially launched in 2002 as an independent unit at the Central Bank of Egypt to combat money laundering and the financing of terrorism.