Details of the law on “money laundering” after the approval of the deputies: the use of judicial expertise to head the counter-currency

The House of Representatives, during its plenary session today, Tuesday, led by Adviser Dr. Hanafi Jabali, finally approved a draft law submitted by the government to amend some provisions of the Money Laundering Act that were passed by Act No. 80 of 2002.

The amendments made to Article 3 of the Act ensured that the Anti-Money Laundering Unit is headed by a forensic expert whose experience is not less than fifteen years in the Court of Cassation or one of the Court of Appeal. Experts from members of the judiciary. and specialists in the fields related to the application of the provisions of this Act, and supported the unit with the necessary qualified and trained workers, and entrusted the President of the Republic to issue a decision to a council of to form trustees, the unit management system, the work system and its employees, without being bound by the systems and rules that apply in government The public sector and the public business sector.

Where the article organized the establishment of the Board of Trustees of the Unit against Money Laundering and Terrorist Financing established in the Central Bank, it provided that an independent unit of a special nature for combating money laundering and terrorist financing at the Central Bank Bank must be established. Bank of Egypt, in which the relevant authorities are represented, and it undertakes the 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 Courts of Appeal, and the membership of each representative of the Public Prosecutor’s Office, and the Deputy Governor of the Central Bank, elected by the Governor, and the Vice-Chairman of the Financial Supervisory Authority elected by the Chairman of the Authority and the Chairman of the Government Cabinet Advisers and 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 determines the powers of the Board of Trustees and the management system of the unit, without being bound by the systems and rules be. in force in government, the public sector and the public business sector.

The final approval of the bill came after the Council approved the consultation request submitted by the government to delete the paragraph added to Article 2, which included the independence of the money laundering crime from the original crime and that a conviction is not required. for the original crime to prove the illegal source, as long as there is evidence of. That return is the result of actions that jeopardize the security of the country from within or without, or jeopardize the economic interests of the community, or the political life of the country, or national unity.

In the words of Councilor Alaa Fouad, Minister of Parliamentary Affairs, the government has demanded that the text of Article 2 of the existing law be retained without amendment, as the matter requires a study on the extent of the independence of the money laundering crime of the original crime, and therefore we ask to reverse this amendment and keep the article as it is in The existing law, which states: Anyone who knows that funds or assets were obtained from a predicate crime, and intentionally does any of the following , will be considered a perpetrator of a money laundering crime:

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

2- Acquisition, possession, use, management, holding, exchange, deposit, guarantee, invest, tamper with their value, conceal or disguise the true nature, source, location, disposal, movement, ownership or rights related to the proceeds of a money laundering crime A crime independent of the original crime.

The House also approved the request for consultation submitted by the government on Section 3 of the draft law, where Councilor Alaa Fouad, Minister of State for Parliamentary Affairs, said that the text, as approved by the House of Representatives in total, include the membership. of the Attorney General or his representative on the Board of Trustees of the Money Laundering Unit. He added, “The proposed amendment is that the membership is for a representative of the Public Prosecutor to be elected by the Public Prosecutor, and points out that the amendment is more comprehensive taking into account the conditions of the position of the Public Prosecutor and the burdens placed on him.

He also agreed to the request for deliberation submitted by the government to cancel the amendment of Article 17 bis 2 “which provides that the court competent to look at the predicate offense shall have jurisdiction over the offense referred to in Article 2 of these are set out. law, and if the predicate offense is an offense, the court hearing the money laundering offense will be competent to look into it. .

The Council also agreed to delete the fourth article, which states: The competent courts continue to hear the cases referred to in Article (17 bis 2) in which a final judgment has not yet been given.

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