The Cabinet approved a draft law amending some provisions of the Anti-Money Laundering Law, which stipulates that an independent unit of a special nature for combating money laundering and terrorist financing should be established in the Central Bank of Egypt (CBE).
The President will issues a decision to form the Board of Trustees, the unit management system, the work system and its employees, without being bound by the systems and rules in force in the government, the public sector, and the public business sector.
The amendments obligate financial institutions, non-financial professionals and businesses, and any other natural or legal person to implement the mechanisms issued by the unit in implementation of international agreements, treaties and charters related to the financing of terrorism and the financing of the proliferation of weapons of mass destruction, in implementation of the provisions of the law.
The amendments added that a guilty verdict of the predicate crime is not required to prove the illegal source of crime proceeds. Anyone who violates the provisions of of this law shall be punished by imprisonment for a period not exceeding one year or a fine of not less than EGP 100.000 and not exceeding EGP 300.000.
The unit's board of trustees will be headed by a judicial expert, provided that its membership includes the Attorney General or his representative, and the Deputy Governor of the Central Bank, Deputy Chairman of the Financial Regulatory Authority, Cabinet's Advisor, a representative of the Federation of Egyptian Banks, and an expert in economic affairs, and the Executive Director of the Anti-Money Laundering Unit, as well as a sufficient number of experts.
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