Egyptian parliamentary legislative committee approves amendments to anti-money laundering law – Politics – Egypt

The bill, which was approved by the cabinet at a meeting on April 20, was returned to the House two weeks ago. It is intended to establish an independent anti-money laundering unit affiliated with the Central Bank of Egypt (CBE).

The unit, which will also contribute to eliminating the financing of terrorist operations, will be managed by a board of directors headed by a magistrate with at least 15 years of experience in the courts of cassation and appeal.

The Board of Directors will include the Attorney General, the Deputy Governor of the CBE, the Deputy Chairman of the General Financial Supervisory Authority, the Head of the Cabinet Council of Advisors, a representative of the Egyptian Federation of Banks, a economic expert and the director of the unit. director.

The bill also stipulates that all financial institutions as well as managers of non-financial professions and activities must comply with the instructions of the anti-money laundering unit in accordance with international conventions and agreements on the matter. Violators will pay a fine ranging from EGP 100,000 to EGP 300,000.

The amendments will be debated in plenary session when the House reconvenes on May 22.

Meanwhile, the Legislative and Constitutional Affairs Committee on Sunday approved the Justice Department’s 2022/23 budget and plan.

Committee chairman Ibrahim El-Heneidy said the Ministry of Justice has been allocated EGP 1.25 billion to cover its development plan for the new financial year 2022/23. Representatives of the Ministry of Justice have complained that the allocation falls short of needs and should be increased by at least EGP 1 billion to cover employees and renovation works in a number of courts.

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