The National Strategy for Money Laundering and Terrorism financing aims at boosting the national economy and achieving goals of sustainable development though protecting financial and non-financial sectors in Egypt from hazards of money laundering, terrorism financing and armament, said the head of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU).

In a word on the occasion of the launch of the second stage of the strategy, Ahmed Saeed Khalil said coordination is underway between the unit and members of the national committee for combating money laundering and terrorism funding to update the strategy on a periodical basis in a way that copes up with regional and international developments.

He said the new stage complies with the international standards as regards combating money laundering and terrorism financing and it put into consideration the recommendations of Financial Action Task Force (FATF), an intergovernmental organization founded on the initiative of the G7 to develop policies to combat money laundering and to maintain certain interest.

He lauded the tireless efforts exerted by the members of the national committee that led to launching the strategy in a record time, calling for taking real steps on the ground to put into effect the goals of the strategy.

Source: State Information Service Egypt