Arab Republic of Egypt : Detailed Assessment Report on Anti-Money Laundering and Combatting the Financing of Terrorism
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Washington, DC
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This assessment of the anti-money
laundering (AML) and combating the financing of terrorism
(CFT) regime of the Arab Republic of Egypt (Egypt) is based
on the Forty Recommendations 2003 and the Nine Special
Recommendations on Terrorist Financing 2001 of the Financial
Action Task Force (FATF), andwas prepared using
the AML/CFT assessment Methodology 2004, as updated in
February 2008. The assessment team considered all the
materials supplied by the authorities, the information
obtained on site during their mission from 12 to 26 October
2008, and other verifiable information subsequently provided
by the authorities. During the mission, the assessment team
met with officials and representatives of all relevant
government agencies and the private sector. A list of the
bodies met is set out in Annex 1 to the detailed assessment
report. The assessment was conducted by a team of assessors
composed of staff of the World Bank and two experts acting
under the supervision of the World Bank. The evaluation team
consisted of: Latifah Merican Cheong (Team leader); Cedric
Mousset (co-team leader and financial expert), Stuart Yikona
(legal expert); and Isaku Endo (financial expert), all from
the Financial Market Integrity unit (FPDFI) and Horst
Intscher (FIU expert, Consultant) and Younus Almoalem, (Law
enforcement expert, Consultant). The assessors reviewed the
institutional framework, the relevant AML/CFT laws,
regulations, guidelines and other requirements, and the
regulatory and other systems in place to deter and punish
money laundering (ML) and the financing of terrorism (FT)
through financial institutions and Designated Non-Financial
Businesses and Professions (DNFBP). The assessors also
examined the capacity, implementation, and effectiveness of
all these systems. This report provides a summary of the
AML/CFT measures in place in Egypt at the time of the
mission or shortly thereafter. It describes and analyzes
those measures, sets out Egypt s levels of compliance
withthe FATF 40+9 Recommendations (see Table 1)
and provides recommendations on how certain aspects of the
system could be strengthened (see Table 2). The report was
produced by the World Bank as part of the Financial Sector
Assessment Program (FSAP) of Egypt. It was also presented to
the MENA FATFand endorsed by this organization at
its plenary meeting in Bahrain on 19 May 2009.
Palabras clave
ACCESS TO BANKING, ACCESS TO FINANCE, ACCESS TO FINANCIAL SERVICES, ACCOUNTABILITY, ADMINISTRATIVE CONTROL, ADMINISTRATIVE COSTS, AGRICULTURAL CREDIT, ANTI-CORRUPTION, ANTI-MONEY LAUNDERING, ANTICORRUPTION, APPOINTEES, ASSETS, BALANCE SHEET, BANK ACCOUNTS, BANK ASSETS, BANK DEPOSITS, BANKING INDUSTRY, BANKING INSTITUTION, BANKING LAW, BANKING RELATIONSHIPS, BANKING SECTOR, BANKING SERVICES, BANKING SUPERVISION, BANKING SYSTEM, BANKS, BEST PRACTICES, BRIBERY, BRIBERY CASES, BROKERAGE, BROKERAGE ACTIVITIES, BROKERS, CAPITAL MARKET, CAPITAL MARKETS, CAPITALIZATION, CASH ECONOMY, CASH PAYMENTS, CASH TRANSACTIONS, CENTRAL BANK, CHAMBER OF COMMERCE, CHECKS, CIVIL SERVANTS, CIVIL SOCIETY, CLEARING HOUSE, COLLECTIVE INVESTMENT, COMMERCIAL LAWS, COMMERCIAL REGISTRY, CORRUPTION, CORRUPTION PERCEPTION, CORRUPTION PERCEPTION INDEX, CREDIT BUREAU, CREDIT REGISTRY, CREDITOR, CREDITOR RIGHTS, CREDITS, CRIME, CRIMINAL, CRIMINALS, CURRENT ACCOUNT, DEBIT CARD, DEBIT CARDS, DEBT, DEBTS, DEPOSIT, DEPOSIT TAKING INSTITUTIONS, DEPOSITS, DEVELOPMENT BANK, DIVERSIFICATION, DRUG TRAFFICKING, DUE DILIGENCE, E-BANKING, EARNINGS, ECONOMIC DEVELOPMENTS, ECONOMIC REFORM, ECONOMIC REFORMS, EMBEZZLEMENT, EMPLOYEE, ENABLING ENVIRONMENT, ENFORCEMENT AGENCIES, ETHICS, EXCHANGE RATE, EXCLUSION, EXPLOITATION, EXTERNAL DEBT, EXTORTION, EXTRADITION, FINANCE COMPANIES, FINANCIAL CRIMES, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INTELLIGENCE, FINANCIAL INTELLIGENCE UNIT, FINANCIAL MARKET, FINANCIAL RESOURCES, FINANCIAL SECTOR ASSESSMENT, FINANCIAL SERVICES, FINANCIAL STATEMENTS, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FOREIGN BANKS, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN EXCHANGE, FOREIGN EXCHANGE MARKET, FOREIGN INVESTMENT, FOREIGN INVESTMENTS, FOREIGN INVESTORS, FRAUD, GLOBAL ECONOMY, GOOD GOVERNANCE, GROSS DOMESTIC PRODUCT, HOLDERS RIGHTS, HOLDING, ID, INCOME LEVELS, INFLATIONARY PRESSURES, INFORMATION SERVICE, INFORMATION TECHNOLOGY, INITIATIVE, INSIDER TRADING, INSURANCE, INSURANCE COMPANIES, INSURANCE INDUSTRY, INTEGRITY, INTELLECTUAL PROPERTY, INTEREST RATE, INTERNAL AUDIT, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENT, INVESTIGATION, INVESTIGATIONS, INVESTMENT BANK, JOB CREATION, JUDICIAL INDEPENDENCE, JUDICIAL PROCESS, JUDICIAL REFORM, JUDICIAL SYSTEM, JUDICIARY, JUSTICE, JUSTICE SYSTEM, JUSTICES, LAND BANK, LAW ENFORCEMENT, LAWYERS, LEADERSHIP, LEGAL FRAMEWORK, LEGAL PROVISIONS, LEGAL SYSTEM, LEGAL SYSTEMS, LEGISLATIVE FRAMEWORK, LETTER OF CREDIT, LIFE INSURANCE, LIFE INSURANCE COMPANIES, LOAN, LOCAL GOVERNMENT, MICROFINANCE, MICROFINANCE INSTITUTIONS, MIGRANT WORKERS, MINISTER, MINISTERS, MISAPPROPRIATION, MISAPPROPRIATIONS, MONEY LAUNDERING, MONEY MANAGEMENT, MONEY ORDERS, MONEY TRANSFER, MONEY TRANSFERS, MORTGAGE, MORTGAGE FINANCE, MUTUAL FUNDS, MUTUAL LEGAL ASSISTANCE, NET WORTH, NON PERFORMING LOAN, NONPROFIT ORGANIZATION, NPL, OIL BOOM, OIL PRICES, OPERATIONAL INDEPENDENCE, PENALTY, PENSION, PENSION FUNDS, PEOPLES, PERCEPTION OF CORRUPTION, POLICE, POLICE OFFICERS, POLITICAL STABILITY, POST OFFICE, PRIVATE BANKS, PRIVATE EQUITY, PRIVATIZATION, PROPERTY RIGHTS, PROSECUTION, PROSECUTIONS, PROSECUTOR, PROSECUTORS, PUBLIC FUNDS, PUBLIC OFFICIALS, PUBLIC POLICY, REAL ESTATE, RECEIPTS, REGULATORY FRAMEWORK, REMITTANCE, REMITTANCES, RESERVES, RETURN, RISK MANAGEMENT, RISK PROFILES, ROBBERY, RULE OF LAW, SANCTIONS, SAVINGS, SAVINGS ACCOUNT, SAVINGS ACCOUNTS, SECURITIES, SECURITIES INDUSTRY, SEIZURE, SMALL-SCALE ENTERPRISES, SMART CARD, STOCK EXCHANGE, STOCK MARKET, STOLEN FUNDS, SUPERVISION OF BANKS, SUPERVISORY AUTHORITIES, SUPERVISORY AUTHORITY, TAX, TERRORISM, THEFT, TRADING, TRANSACTION, TRANSPARENCY, TREATIES, TRIAL, TRUSTEES, UNEMPLOYMENT, UNION, URBAN AREAS, VENTURE CAPITAL, VENTURE CAPITAL FIRMS, WIRE TRANSFER, WIRE TRANSFERS