The Egyptian security services seized 5 money laundering cases with a total value of more than 1.2 billion pounds, as proceeds from the illegal drug trade.
The Egyptian security services did not disclose the details of the five cases, but they have begun implementing radical amendments to the money laundering law, which was discussed in the Egyptian parliament weeks ago and approved in principle.
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 most prominent amendments were in one of the articles guaranteeing the state the confiscation of funds as long as evidence of conviction is available without a sentence being issued, which stipulates that “a sentence of conviction in the original crime is not required to illegal source, when 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 the political life in the country, or endanger national unity . ”
On June 6, the security services were able to seize 5 money laundering cases worth 1.2 billion pounds, while the department under anesthesia from the Home Office arrested a gang formation last April on charges of laundering £ 1.171 billion for their activity in the promotion of narcotics.
Investigations of the drug sector, weapons and unlicensed ammunition confirmed that gang members committed money laundering crimes by making withdrawals and deposits of these amounts at various banks, buying real estate and vacant land in Cairo and Dakahlia, and establishing various commercial activities to source to hide. of those funds and to show it as arising from legitimate entities which are contrary to the truth.
According to reports from the International Monetary Fund, the value of money laundered is about $ 1.5 trillion annually, worldwide, and the volume of drug trafficking is $ 688 billion annually, while money laundering operations in the Middle East over the over the past 10 years. up to $ 500 billion.
Major General Nabil Mustafa, Professor of Criminal Law at the Police Academy, said in statements to local media that money laundering operations are aimed at raising money from criminal activities, such as; Drug trafficking, support for terrorist organizations and human trafficking, as well as organ trafficking and use in legal sources and investment with the aim of legitimizing it. He explained that the reason money laundering operations are called by this name is due to the use of illegal funds in commercial operations that make it appear clean and healthy.
The Professor of Criminal Law at the Police Academy added that the money laundering process is a serious financial crime, and criminals are working to carry out financial transactions aimed at concealing the identity and source of funds and the entity from which the funds come from, to hide. obtain.
He continued: “Money laundering is one of the crimes that is difficult to detect as it is organized and with high accuracy, noting that there are many risks posed by money laundering crimes at local and international level, which” tax evasion is. ”
Nabil Mustafa, professor of criminal law at the Police Academy, has revealed that the punishment for money laundering amounts to hard labor, but it is closely related to fundraising crimes.
Commenting on this, the Vice President of the Egyptian Land Bank, Walid Nagy, said that the Central Bank of Egypt has strong oversight whereby it detects money laundering operations, explaining that the bank has a supervisory arm represented in the Egyptian Financial Intelligence unit as an independent unit in the Central Bank of Egypt, in cooperation with other sovereign bodies. In addition to the General Authority for Financial Supervision and the General Investment Authority.
He added in previous press releases: There is a strict central system that works electronically and detects inflated bank accounts that are not based on any commercial or economic transactions in a fast time, and that the banking system that is not run by people, give a warning. of the need to detect and monitor this inflated account, adding that the bank is addressing the relevant authorities to monitor this account until the matter reaches the Public Prosecutor.
The Central Bank of Egypt has in recent days issued instructions to local banks to refuse foreign currency to open documentary credits for imports from abroad from companies that took it from unknown sources or from exchange companies, pointing out that these are instructions aimed at combating money laundering. operations, in addition to controlling the exchange rate of the Egyptian pound against the dollar America, in the face of global challenges.
Amna Nassir, professor of faith and philosophy at Al-Azhar University, in turn said that the process of money laundering is not without haram because of the way it is collected, and that the damage done to the real owners of money caused, the same haram and said: “He who collects his money from money laundering and builds with it.” A mosque is not acceptable to him, because what is collected in a forbidden matter will remain in a forbidden matter. ”