Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

"Combating Financial Crimes" Forum Kicks off


Fri 26 Mar 2021 | 01:00 AM
Taarek Refaat

The "Compliance Challenges and Combating Financial Crimes" forum, organized by the Union of Arab Banks, kicked off on Thursday in Sharm el-Sheikh

The forum was organized in cooperation with the Money Laundering and Terrorist Financing Combating Unit (MLCU) and the Central Bank of Egypt (CBE). The session dealt with efforts to confront financial crimes in light of their huge impact on the stability of financial systems.

MLCU Chairman  Ahmed Saeed Khalil said that the current developments that the world is witnessing in light of the spread of the pandemic have led to the development of banking services and information systems.

Khalil added that the spread of COVID-19 posed new challenges to the banking sector, yet, opened the way to new opportunities as banks and financial services institutions were forced to develop their digital business models rapidly and use financial technology and digital innovation in order to adapt to the business disruption and forced closures worldwide.

The forum was attended by Deputy Governor of the Central Bank of Egypt Gamal Negm, and the President of the Federation of Egyptian Banks (FEB) Mohamed El Atribi, as well as other bankers from the Arab world, and Middle East and North Africa Financial Action Task Force (MENAFATF).