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Ahmed Saeed Khalil: International praise for FRA’s commitment to inspecting money laundering and terrorist financing

Counselor Ahmed Saeed Khalil, Chairman of the Board of Trustees of the Anti-Money Laundering and Terrorist Financing Unit, and Chairman of the National Coordinating Committee in the Field of Combating Money Laundering and Terrorist Financing, said that Egypt has completed the process of evaluating the systems applied in the field of combating money laundering and the financing of terrorism in Egypt, which was carried out by experts from a group The financial work of the MENAFATF, of which Egypt is a member, is carried out in accordance with the compliance assessment methodology issued by the Financial Action Task Force (FATF), the international body responsible for setting international standards that countries must adhere to.


Khalil added, during the Financial Supervisory Authority’s celebration of the results of the mutual evaluation of Egypt, today, Tuesday, that the Anti-Money Laundering and Terrorist Financing Unit, as the national coordinating body for the evaluation process, made great efforts during the evaluation process in coordination with all concerned authorities in combating money laundering and terrorist financing and from Including the Financial Supervisory Authority, where the unit was keen to communicate effectively with the Financial Supervisory Authority and appointed representatives and contact persons for the evaluation file regarding the effectiveness of the supervisory authorities on both sides, and the unit was keen to conduct a self-assessment of the anti-money laundering and terrorist financing systems through cooperation between experts The evaluation file in the unit and the authority, well before the evaluation process officially began, which helped to identify issues that might represent deficiencies in the anti-money laundering and terrorist financing systems.


He added that the self-assessment resulted in a number of outputs that were worked on in coordination between the unit and the authority, through holding meetings and workshops with representatives of the authority to introduce international standards and help them understand them and how to fulfill the questionnaires and requests received from the evaluation team, and follow up on the fulfillment of requirements, statistics, practical cases and information. Through the liaison and preparation officer for the assessment team’s field visit, which resulted in the issuance of a detailed report that includes all aspects of the implementation of international standards by Egypt with the aim of combating money laundering, terrorist financing and proliferation.


Khalil pointed out that the report praised the many positives that Egypt has achieved in this regard, especially with regard to the understanding of the regulatory and supervisory authorities on the financial sectors, especially the Financial Supervisory Authority, of the risks of money laundering and terrorist financing, and its continuous sectoral assessment. financial institutions subject to its control, which would allow them to continue to form a clear understanding of the risks facing these institutions and entities, and financial institutions have a good understanding of the money laundering and terrorist financing risks they face, and apply measures to reduce risks and procedures for customer due diligence and development of control systems Well based on risk-based approach.


The report also praised the inspection and follow-up operations carried out by the regulatory authorities, led by the Financial Supervisory Authority, which positively affected the commitment of the sectors subject to its control to the special requirements in this regard. deterrence.


The report also referred to the electronic information system developed by the authority to classify the risks of the institutions under its supervision, which helps to enhance the understanding of the risks of money laundering and terrorist financing in the sectors under its supervision.