Egypt

New Documents

Interpol, Egypt Discuss Fight Against Terrorism

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.

July 23, 2019

Twenty-Two Countries Issue Joint Communique Concerning Libya, Welcoming Efforts Against Terrorist Groups

The European Union published a joint communique on Libya issued by 22 countries, the European Union, United Nations, the League of Arab States and the African Union which welcomed the efforts against terrorist groups and reiterated support for the United Nations-led political process.

September 22, 2016

Swiss Attorney General Discusses Money Laundering Cases with Egyptian Officials

January 16, 2016

Switzerland Extends Assets Freeze of Former Tunisian, Egyptian Presidents

December 18, 2013

UNODC Partnering With Egypt to Strengthen Governance, Counter Human Trafficking Initiatives

September 22, 2011

News

Weekly Roundup: Swedbank Fined €360 Million for AML Breaches, MM Warburg to Forfeit €176 Million, and More

AML staff retools transaction monitoring system for global COVID-19 outbreak, U.S. promises more sanctions on Iran amid pandemic, and more, in the weekly roundup.

March 20, 2020

Midweek Roundup: UK Plans AML Tax, White Supremacists Publish Confidential Financial Intelligence Memo Online, and More

Latvia investigates 50 individuals suspected of financial crimes, India detains Yes Bank founder on suspicion of money laundering, and more, in the midweek roundup.

March 11, 2020

Midweek Roundup: Turkish Bank Denies US Sanctions Evasion, Goldman Sachs Pleads Not Guilty in 1MDB Case, and More

February 27, 2020

Weekly Roundup: White House Pitches Larger TFI Budget, FinCEN Prepares New Crypto Rules, and More

February 14, 2020

Midweek Roundup: Swedbank Fires Executives Amid AML Review, Dankse Bank Liquidates Estonian Affiliate, and More

October 2, 2019

Enforcement Actions

0 Items Found

Key Documents

Egypt Enacts Anti-Money Laundering Law

June 8, 2003

Egypt Releases Updated Version of AML Regulations

October 8, 2008

Central Bank of Egypt Issues AML/CFT Regulations for Banks

October 7, 2008

Egypt Issues KYC Rules for Banks

February 25, 2008

Egypt Issues STR Filing Instructions for Financial Institutions

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)

Rankings

FATF i

Technical Effectiveness
Compliant : 5 High :
Largely Compliant : 20 Substantial :
Partially Compliant : 22 Moderate :
Non-Compliant : 1 Low :
Not-Applicable : 1

BASEL i

Rank : 82/141
Score : 4.96/10

TRANSPARENCY INTERNATIONAL i

Rank : 106/180
Score : 35/100

Tax Justice Network i

Rank : 46/133
Score : 71/100