Key Documents

June 8, 2003

October 8, 2008

October 7, 2008

February 25, 2008

April 14, 2009

Important Facts

The U.S. State Department identifies Egypt as major money laundering jurisdiction. While Egypt is not considered a regional financial center or a major hub for money laundering, it remains vulnerable to money laundering due to its large informal, cash-based economy. An estimated two-thirds of the population does not have bank accounts and the extensive use of cash is common. Corruption remains a long-term focus of the government, with recent investigations of public figures and entities resulting in the arrests of several officials. Common sources of illegal proceeds include smuggling of antiquities and trafficking in narcotics and/or arms. Issues also remain with regard to the investigation and prosecution of money laundering offenses due to a judicial system without the capacity to deal with complex financial crimes.

Source: 2017 International Narcotics Control Strategy Report (INCSR)

KYC Covered Entities: Banks, foreign exchange and money transfer companies, the post office, insurance companies and brokers, securities firms, the central registry for securities, funds managers, financial and company formation agents, leasing and factoring companies, mortgage financing companies, real estate brokers, dealers in precious metals and stones, casinos and internet gaming entities, lawyers, and accountants
STR Covered Entities: Banks, foreign exchange and money transfer companies, the post office, insurance companies and brokers, securities firms, the central registry for securities, funds managers, financial and company formation agents, leasing and factoring companies, mortgage financing companies, real estate brokers, dealers in precious metals and stones, casinos and internet gaming entities, lawyers, and accountants
Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A

Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rank : 53/110

Score : 5/19/10

Rank : 117/179

Score : 33/100

Rank : 46/133

Score : 71/100