Egypt, Qatar step up cooperation on money laundering, terror finance

Egypt and Qatar are seeking to deepen cooperation on combating money laundering and terrorist financing, with a focus on cross-border crime, asset recovery, and emerging financial technologies, the Egyptian central bank said on Wednesday.

Ahmed Saeed Khalil, chairman of the board of trustees of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU), met in Cairo with Qatar’s Attorney-General Issa bin Saad Al Jafali Al-Nuaimi and an accompanying delegation to discuss closer coordination between the two countries.

According to the statement, the talks covered enhanced information-sharing, capacity building, and alignment with international standards, as financial crimes become more complex and increasingly tied to global financial flows. The officials also exchanged views on preparations for mutual evaluation reviews conducted by the Financial Action Task Force and affiliated regional bodies.

Discussions included cooperation on the seizure, confiscation, and management of illicit assets, as well as the recovery of proceeds linked to criminal activity. The two sides also addressed risks associated with virtual assets and financial technologies, including legal and technical challenges related to cryptocurrency investigations.

The meeting comes as Egypt and Qatar look to strengthen institutional frameworks to safeguard financial stability and reinforce compliance with global anti-money laundering and counter-terrorism financing standards, the central bank said.

The EMLCU was established in 2002 under Egypt’s Anti-Money Laundering Law and serves as the country’s financial intelligence unit. It operates as an independent body based at the Central Bank of Egypt (CBE), with a mandate to combat money laundering and related financial crimes.

Attribution: Amwal Al Ghad English