FILE - The Cairo Criminal Court
CAIRO – 29 November 2017: Public Funds Crimes Investigation Police revealed the largest money laundering case worth LE 100 million ($5 million) of which three brothers were accused.
Three brothers laundered the money through currencies exchange outside banking markets, selling it on black markets by transferring around $30 million through their company’s account in the foreign countries.
The investigations concluded that the accused laundered funds by constructing around 13 importing and exporting companies, buying housing units, and putting some of the money into their bank accounts.
Egypt established the Egyptian Money Laundering and Terrorist Financing Combating Unit in 2002 under the Anti-Money Laundering Law No. 80 of 2002. The combating unit’s job is to combat money laundering and terrorist financing activities in Egypt.
The aim of the Unit is to improve anti-money laundering/terrorist financing combating systems that have been implemented by financial institutions and other professions operating in Egypt. Their job is to prevent exploitation of the funds generated by criminal activities or the financing of terrorist activities. The unit's main function is to receive, analyze, and distribute the STRs received from financial institutions and non-financial businesses and professions.