The House of Representatives has approved a set of provisions of a bill submitted by the government to fight money laundering.

The bill includes amendments to some provisions of the law issued in 2002 for the purpose.

The draft law has been outlined in line with constitutional commitments and international agreements that oblige the State, through its laws, to counter terrorism in all its forms and to track its funding sources.

It comes as Egypt undergoes assessment of its judicial system to fight money laundering and the funding of terrorism.

The bill is meant to curb serious crimes, which have a negative impact on the national economy, and could very well disrupt the investment climate since money laundering is the outcome of unreal activities.

Source: State Information Service Egypt