Money Laundering - CC BY-SA 3.0 Alpha Stock Images
Money Laundering - CC BY-SA 3.0 Alpha Stock Images

LE 3.4B proceeds of money laundering crimes during year: Interior Min.

Tue, Jun. 11, 2019
CAIRO- 11 June 2019: The Anti-Drugs and Organized Crime Sector of the Ministry of Interior seized LE 3.4 billion ( $178 million) collected in money laundering crimes within one year.

This announcement came during the fourth conference to combat crimes of money laundering, which started Saturday June 8 and lasted for 3 days, with the participation of leaders and officers of the sector and under the leadership of the Ministry of Justice and the attorney general.

The conference focused on mechanisms to upgrade the performance of drug combat officers in coordination with the concerned bodies.

The Interior Ministry was able to detect 61 cases of money laundering through drug trafficking in the period between June 2018 and May 2019.

The conference stressed the need to maximize the role played by combat agencies to cope with the growing problem.

In March 2019, the General Administration of Public Money Investigations spotted illegal activities by a group of people who money laundered L.E. 50 million ($2.8 million) through constructing unlicensed buildings in Greater Cairo.

Investigations revealed that a group of people has committed a criminal act for several years, including building housing towers and selling them to citizens without obtaining official licenses and approvals from the concerned state bodies.

Egypt established the Egyptian Money Laundering and Terrorist Financing Combating Unit in 2002 under the Anti-Money Laundering Law No. 80 of 2002. The unit’s job is to combat money laundering and terrorist financing activities in Egypt.

The unit aims to improve anti-money laundering/terrorist financing combating systems that have been implemented by financial institutions and others operating in Egypt.

The unit's main function is to receive, analyze, and distribute the STRs received from financial institutions and non-financial businesses and professions.

 
There are no comments on this article.

Leave a comment