Amendments to the Money Laundering Act before the “MPs” Sunday. The draft law faces the risks of crime and the fight against terrorism, the most prominent goals

Amendments to the Money Laundering Act before Parliament on Sunday .. The bill faces the risks of crime and the fight against terrorism, the most prominent objectives .. Parliamentary Committee: It faces the impunity of the perpetrators of those crimes that spoils the investment climate, and the amendments are in accordance with the constitution and agreements

During its session next Sunday, the House of Representatives, led by adviser Dr. Hanafi Jabali, the report of the Joint Committee of the Committee on Constitutional and Legislative Affairs, and the Office of the Committee on Economic Affairs discusses a bill passed by the government to amend some provisions of the Money Laundering Act introduced by Act no. 80 of 2002 was amended.

The draft law aims to confront the risks of money laundering and the fight against terrorism in accordance with the international frameworks issued in this regard, which address the assessments granted to Egypt by local international organizations for the evaluation of systems against money laundering and terrorist financing increase.

The committee’s report indicated that the draft law comes in the light of the constitutional obligations and international conventions that oblige the state through its provisions to confront terrorism, in all its forms and forms, and to its sources of funding according to a specific timetable detect, as a threat to the homeland and citizens, while ensuring public rights and freedoms, and in line with subjecting the Arab Republic of Egypt to an evaluation process. Its legal system for combating money laundering and terrorist financing under its membership of the Financial Action Task Force for the Middle East and North Africa, which is the “competent” regional group for combating money laundering and terrorist financing. The evaluation process led to the issuance of a detailed report that included all aspects of the implementation of international standards with the aim of combating money laundering. and Terrorist Financing The distribution of weapons, which was discussed and approved at the thirty – second meeting of the group held on 7 June 2021, in the presence of member states and the group of observers from countries and international organizations. with the following report so that the follow-up report includes explanation of the legislative amendments This was done to avoid the shortcomings mentioned in the evaluation report.

The committee’s report indicated that the state is striving to meet international standards so that it can join the Financial Action Group (the Anti-Money Laundering and Terrorist Financing Unit), which includes a number of countries and international organizations in its membership. including, and this accession brings many privileges to the state, the most important of which further highlights its efforts in the fight against money laundering and terrorist financing and provides an opportunity to participate in the formulation of the decisions and policies of the Financial Action Task Force, and to contribute to the strengthening and development of the capabilities and expertise of its specialists through direct access to the experiences and expertise of developed countries, participation in the discussions presented at the group’s general meetings, and participation in the work and activities of the group. work teams, and the state’s acquisition of a seat in the group allows him to also participate in the most prominent influential countries at the level of membership, including the permanent members of the Security Council, and most of the countries of the Group of Twenty, and joining the group contributes to improving Egypt’s attractiveness for investment, as well as the state’s desire to take The practical considerations revealed by applying the provisions of the Money Laundering Act provided by Act No. (80) of 2002, which necessitated an amendment. Law.

The Joint Committee confirmed that the draft law is in accordance with the provisions of the Constitution, in particular Articles 27 / first and second paragraphs, 237 thereof, and the relevant international frameworks, standards and conventions, and the practical reality that led to the escape. has. of many perpetrators of these dangerous crimes, since these crimes are considered Hidden in nature, criminals resort to deception.

The committee stated that these crimes affect the national economy of the state, as it will spoil the investment climate, as the funds are not the result of actual economic activity, and that these crimes stand for the status of the state and its political and economic , and there are many countries that have followed the same approach to reduce these crimes to serious crimes.

The Joint Committee noted that the draft law took into account the political, legal and economic changes of the state and missed the opportunity for the perpetrators to take advantage of those illegal funds, which contribute to the reduction of the commission of such crimes, within the framework of the legal circulation of capital.

Among the most important amendments included in the law is the consideration of the money laundering crime as an independent crime of the predicate crime, and not to require a conviction for the original crime to prove the illegal source of the proceeds of crime. .

The draft law included the replacement of sections 2 and 3 of the existing bill to read section “2”: The crime of money laundering is an independent crime of the original crime.Anyone who knows that the funds or assets derive from a predicate word. crime, and deliberately doing any of the following, is considered a perpetrator of the crime of money laundering:

1- Transfer or transfer of proceeds of money, for the purpose of concealing the money, obscuring the nature, source, location, owner or right holder, or changing its truth, or preventing its discovery or the identification of the impede offender. the predicate crime.

2- Acquisition, possession, use, management, holding, exchange, deposit, guarantee, invest, tamper with their value, conceal or obscure the true nature, source, location, disposal, movement, ownership or rights related to the proceeds.

A guilty sentence is not required for the original crime to prove the illegal source, as long as there is evidence that this proceeds are the result of actions that harm the security of the country inside or outside, or the economic interests of society. , or spoil. endangers the political life in the country or national unity.

The draft law included the replacement of the text of Section (3) of the existing Money Laundering Act, where it organized the establishment of the Board of Trustees of the Unit against Money Laundering and Terrorist Financing established in the Central Bank. powers provided for in this Act

The unit shall have a board of trustees under the direction of a judicial expert whose experience is not less than fifteen years in the Court of Cassation or one of the Court of Appeal, and the membership of each of

The Attorney-General or his representative, the Deputy Governor of the Central Bank, elected by the Governor, the Vice-President of the Financial Supervisory Authority, elected by the Chairman of the Authority, the Chairman of the Board of Ministers’ Advisers, a representative of the Federation of Egyptian Banks, nominated by the Federation, and an expert in economic affairs, elected by the Prime Minister and the Executive Director of the Anti-Money Laundering Unit

A sufficient number of experts from members of the judiciary and specialists in the fields related to the application of the provisions of this Act will be attached to the unit, and it will be provided with the necessary qualified and trained workers.

The formation of the Board of Trustees and its working system is issued by a decision of the President of the Republic, and the decision defines the powers of the Board of Trustees and the management system of the unit, without being bound by the systems and rules be. in power in government, the public sector and the public business sector

It came by adding articles and a paragraph to the Money Laundering Act with numbers (3 (bis) 9 (bis 1), 15 (bis 1), 17 (bis 1), 17 (bis 2), and it has new provisions, as follows:

While Section 3 bis provides that the unit shall have an executive director appointed by a resolution of the Chairman of the Board of Trustees after the approval of the Board. The Unit against Money Laundering and Terrorist Financing will implement the provisions of Section (21). of this law.

Article (15a) provides for a sentence of imprisonment for a period not exceeding one year and a fine of not less than one hundred thousand pounds and not more than three hundred thousand pounds for any person who contravenes the provisions of Article (9a1), which requires that financial institutions, non-financial professions and any other natural or legal person implement the mechanisms adopted by the Anti-Money Laundering and Terrorist Financing Unit in the implementation of international conventions, treaties and alliances related to the financing of terrorism and the financing of the proliferation of weapons of mass destruction

Section (17 bis 2) singled out the court competent to look at the predicate offense to investigate the offense as set out in Section 2 of the Money Laundering Act. If the predicate offense is an offense, the court looks at the money laundering offense will have jurisdiction to look at it, and in all cases it is judged independently in each of them.

Section 4 of the Bill obliged the competent courts to continue to hear the cases referred to in section (17 bis 2), for which a final judgment has not yet been rendered. Article 5 of the bill repeals Article 2 of Presidential Decision no. of 2002 regarding the Unit against Money Laundering After the provisions thereof have been included in Section (3) of the Money Laundering Act in its substituted form under Section One of the project.

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