EGYPT MIGHT BE BOOSTING AML CONTROLS, BUT REFORMS UNDERMINED BY GROWING GOVERNMENT POWER AND EXEMPTIONS FOR MILITARY
September 1st, 2018
Egypt’s anti-money laundering AML regime is being undermined by the lack of an independent judiciary and the economically-active military increasingly above the law, despite reforms to the law governing an Administrative Control Authority charged with curbing corruption.
Another concern voiced by AML experts is the weakening of Central Bank of Egypt’ independence under the government of strongman President Abdel-Fattah Al Sisi, a former field marshal. The financial intelligence unit (FIU) - Egyptian Money Laundering Combating Unit – is part of the central ...
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