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Economic & Sector Work :: Other Financial Sector Study

Arab Republic of Egypt : Detailed Assessment Report on Anti-Money Laundering and Combatting the Financing of Terrorism

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
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Washington, DC
Middle East and North Africa | Egypt, Arab Republic of
2013-03-14T18:49:26Z | 2013-03-14T18:49:26Z | 2009-05

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.

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