Public Prosecution Refers 437 Money Laundering Cases to the Economic Court in Two Years, Freezes Assets Worth EGP 7.89 Billion and USD 318 Million

The Egyptian Public Prosecution has announced the results of the efforts made by the Economic Affairs and Money Laundering Prosecution in combating money laundering and financial crimes over the past two years, revealing that hundreds of cases have been referred to the Economic Court while illicit proceeds have been traced, seized, and confiscated. The authority also reported dismantling criminal networks linked to cryptocurrency trading as part of a broader strategy to protect the national economy and strengthen the fight against emerging financial crimes.

In a statement, the Public Prosecution said these efforts were carried out under the directives of Prosecutor General Counselor Mohamed Shawky, aimed at enhancing anti-money laundering mechanisms through the development of financial intelligence, parallel financial investigations, and advanced techniques for tracing illicit proceeds and uncovering the methods used to conceal and circulate them. These measures are intended to deprive criminals of the financial gains generated by illegal activities.

According to the statement, the Economic Affairs and Money Laundering Prosecution investigated and referred 437 money laundering cases to the competent Economic Court over the past two years. Parallel financial investigations also led to the identification and tracing of significant illicit assets, followed by the legal procedures necessary to freeze and seize them, representing one of the country's largest efforts to strip criminal organizations of their illegal profits.

As part of its efforts to combat crimes involving digital assets, the Public Prosecution stated that it successfully traced proceeds generated through cryptocurrency-related offenses, with an estimated value of several million U.S. dollars. The necessary legal and banking measures were taken to seize these digital assets and transfer them to the national digital wallet managed by the Public Prosecution. The assets were subsequently liquidated, and their value in U.S. dollars was transferred to the State Treasury, reinforcing public finances and safeguarding state resources.

The statement also revealed that precautionary measures were imposed on substantial financial assets denominated in both Egyptian pounds and foreign currencies. Authorities froze assets exceeding EGP 7.89 billion, in addition to approximately USD 318.31 million, along with other foreign currencies and a number of real estate properties. These assets are subject to confiscation in accordance with the law, ensuring that offenders are prevented from benefiting from the proceeds of their crimes.

Keeping pace with the rapid evolution of organized financial crime, the Public Prosecution confirmed that it had dismantled sophisticated financial networks that relied on cryptocurrencies to conceal illicit proceeds. Investigators tracked illegal transactions using blockchain technology, seized unlicensed cryptocurrency wallets, and established digital evidence linking suspects to criminal activities, demonstrating the growing capabilities of Egyptian authorities in addressing technology-driven and cross-border financial crimes.

The Public Prosecution emphasized that digital transactions and encrypted financial records, regardless of their complexity, do not place offenders beyond the reach of the law. It reaffirmed its commitment to continuously developing its technical and legal capabilities to investigate emerging economic crimes and handle digital evidence in line with the latest international standards.

The statement concluded by stressing that the Public Prosecution will continue to take firm action against anyone seeking to undermine Egypt's economic security or exploit modern technologies to conceal or legitimize illicit proceeds. It affirmed that the law will continue to pursue criminal assets wherever they are found and in whatever form they exist, reflecting the state's commitment to strengthening its anti-money laundering framework, combating illicit financial activities, and protecting the country's financial and economic stability.