Egypt

New Documents

The Middle East and North Africa Financial Action Task Force published a mutual evaluation report on Egypt, highlighting the country’s anti-money laundering and counterterrorist financing compliance with international standards.

The International Criminal Police Organization highlighted a recent meeting between Secretary General Jürgen Stock and senior Egyptian government and police officials regarding efforts to fight transnational crime and terrorism.

News

Enforcement Actions

0 Items Found


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)

Rankings

FATF i | 2013

Technical Effectiveness
Compliant : 9 High : 0
Largely Compliant : 23 Substantial : 4
Partially Compliant : 8 Moderate : 6
Non-Compliant : 0 Low : 1

BASEL i

Rank : 82/141
Score : 4.96/10

TRANSPARENCY INTERNATIONAL i

Rank : 117/179
Score : 33/100

Tax Justice Network i

Rank : 46/133
Score : 71/100