Egypt has adopted measures to combat illicit financial flows, official tells UN anti-corruption conference

MENA , Ahram Online , Wednesday 15 Dec 2021

Egypt has adopted several measures to combat illicit financial flows (IFFS) as part of the country's efforts to combat money laundering and the financing of terrorism, said Ahmed Khalil, head of the board of trustees of the Egyptian Unit for Combating Money Laundering and Terrorist Financing, which is affiliated with the Central Bank of Egypt.

IFFs
Head of the board of trustees of the Egyptian Unit for Combating Money Laundering and Terrorist Financing Ahamed Khalil (first from left), and Undersecretary-General of the UN and Executive Director of the UN Office on Drugs and Crime (UNODC) Ghada Waly participating in the UN anti-corruption conference in Sharm El-Shiek

Khalil made the remarks on Wednesday at a discussion held on the sidelines of the 9th session of the Conference of States Parties (CoSP) to the United Nations Convention against Corruption (UNCAC), which is currently being held in the Egyptian Red Sea resort city of Sharm El-Sheikh.

Khalil underlined the necessity of promoting cooperation among the international community, especially between countries whose funds have been stolen and the states that have received them, based on international agreements in this regard.

Wednesday's session, titled ‘The role of financial investigation units in combating illicit financial flows,’ saw calls from Arab, Egyptian, and international financial investigators for opening official and unofficial channels of cooperation between financial investigating departments and customs authorities.

The officials reiterated the importance of boosting cooperation between anti-corruption departments to access tax information and enhance the mechanisms of sharing experience between concerned agencies.

For her part, Undersecretary-General of the UN and Executive Director of the UN Office on Drugs and Crime (UNODC) Ghada Waly has emphasised the necessity of international cooperation to confront illicit financial flows, stressing that this issue is at the top of UN priorities.

Waly highlighted the role of financial investigation units in countering illicit financial flows, most notably from corruption.

Sharm El-Sheikh's event started on Monday and will close on Friday.

The conference, which is held every two years, is one of the world's largest anti-corruption gatherings and brings together people from member states, parliaments, inter-governmental organisations, civil society and the private sector.

The 2021 edition is being attended by 2,170 representatives from 144 countries, which is the highest number of attendances in the history of the convention.

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