Dr. Mohammed Omran – FRA’s Chairman witnessed the signing of a memorandum of understanding between FRA and the Central Bank of Egypt (CBE) to enhance joint cooperation between the two parties in the field of combating money laundering and terrorist financing. Signing the memorandum of understanding comes in preparation for the process of evaluating the applied systems to combat money laundering and terrorist financing in Egypt, according to the Methodology for Assessing Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems. The evaluation process focuses mainly on the conformity of legislations, regulations, instructions and procedures with international standards and it is scheduled to start in the first quarter of 2020.
Judge / Khaled El-Nashar – FRA’s Vice Chairman – representing FRA – and Mr. Gamal Najem, Deputy Governor of CBE signed the Memorandum of Understanding.
FRA’s Chairman says that the Memorandum of Understanding is one of the mechanisms of continuous cooperation between FRA and the Central Bank of Egypt. It aims at exchanging the Central Bank’s experiences with FRA , especially those related to policies, systems, work procedures and the mechanism applied by CBE to follow-up entities under its supervision which operate in the field of combating money laundering and terrorist financing. The said MOU will ensure the uniformity and consistency of the standards applied in the banking and non-banking financial sector.
El-Nashar pointed out that FRA was keen on obtaining technical and advisory support from the Central Bank of Egypt (CBE) in the field of combating money laundering and terrorist financing. In this regard, FRA appreciates the efforts of the Central Bank in the field of combating money laundering and terrorist financing. Also, he asserted that the two sides have been keen to ensure the similarity of the standards applied within the banking and non-banking financial sector.
For his part, Najem expressed the keenness of the Central Bank to activate cooperation and coordination in the field of combating money laundering and terrorist financing. He asserted that it was agreed that all data and information that were received by either of them upon the implementation of this Memorandum would be considered confidential data and information prohibited to be disclosed or used outside the scope of the Memorandum.
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