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In preparation for an international evaluation of anti-money laundering and counter-terrorist financing measures: FRA?s Chairman discusses bilateral coordination with Head of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) – Wednesday 11/9/2019

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• Counselor Khalil: FRA bears the burden of ensuring the commitment of non-banking financial sector to anti-money laundering and counter-terrorist financing measures
• Dr. Omran: FRA follows a risk-based regulatory approach and issues new controls to combat money laundering

Dr. Mohammed Omran – FRA’s Chairman held a meeting with Counselor Ahmed Saeed Khalil – Head of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU). During the meeting, both sides discussed means of coordination in preparation for the next round of an evaluation process to be carried out by Middle East & North Africa Financial Action Task Force (MENAFATF). The   (MENAFATF) will check anti-money laundering and counter-terrorist financing measures in Egypt during 2019-2020 and ensure its compatibility with the international standards issued by the working group.

FRA’s Chairman says that the forthcoming evaluation process includes legislative and regulatory frameworks in addition to the tangible results on the practical side, adding that these are the essential signs of a strong system capable of combating money laundering and terrorist financing.

He emphasizes that the non-banking financial services sector is an important element of the Egyptian economy and it will be included within the assessment process.  He noted that – FRA- as being the regulator shall ensure the abidance of the clients within the sector to anti-money laundering and counter-terrorist financing measures  as well as the requirements of the evaluation process carried out by (MENAFATF).  Also, he adds that the Authority adopts a risk-based regulatory approach. This approach is based on an understanding of money laundering risks and its severity, circumstances of the state and components of its economic system and its financial sector, and the availability of many structural elements which are the pillars of combating money laundering and terrorism financing system. In addition, he noted that FRA applied the appropriate preventive measures according to the identified risks levels.

For his part, Counselor Khalil explains that the Egyptian state is aware of the importance of this evaluation and its fundamental impact on the national economy and Egypt’s position on the international investment map.  He adds that all parties concerned with combating money laundering and terrorist financing in the country are exerting constant and continuous efforts to present the results of the evaluation as full and honorable to the Egyptian state.

Counselor Khalil says that the Egyptian  Money Laundering and Terrorist Financing Combating Unit (EMLCU) cooperates with all regulatory bodies, law enforcement  agencies and other relevant authorities in order to exchange information locally and implement anti-money laundering and terrorist financing policies and activities. He adds that Judge Khalid Al-Nashar, FRA’s Vice-Chairman joins the Higher Coordinating Committee of the EMLCU Board of Trustees that is to enhance cooperation between FRA and the EMLCU.

Counselor Khalil also praises the new regulatory controls issued by the Authority on combating money laundering and terrorist financing in order to be applied by all non-banking financial institutions subjected to FRA’s supervision.  He emphasizes that concerned parties shall abide by these controls, adding that the Authority granted them a period of six month from the date of publishing the decision in the Official Gazette to regularize their status.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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