Legal expert for “Voice of the Nation”: Amendments to the Money Laundering Act are important to stop the financing of terrorism

The House of Representatives convened yesterday, Tuesday, during its plenary session, led by adviser Dr. Hanafi Jabali, finally approved a draft law submitted by the government to circumvent some provisions of the Money Laundering Act introduced by Act No. 80 of 2002 was amended. Anti-money laundering, one of the judicial experience with not less than fifteen years experience in the Court of Cassation or one of the Court of Appeal.

It also identified the members of the unit and the method of their selection, and linked a sufficient number of experts of members of the judiciary and specialists in the fields related to the application of the provisions of this Act to the unit, and supported the unit with the necessary qualified and trained workers, and entrusted the President of the Republic with a decision to form the Board of Trustees, the unit management system and the system Work and its employees, without being bound by the regulations and rules in force 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 headed by a forensic 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 a 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 Advisory Board The Board of Ministers 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. regulations and rules 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 section 4, which reads: The competent courts continue to hear the cases hear what is referred to in article. (17 bis 2) in which a final judgment has not yet been handed down.

Legal expert Mohamed Abdel Majeed, human rights lawyer at the General Bar, commented that section 14 of the law stipulates that anyone who has committed or attempted to commit the money laundering crime as provided in section 2 of this Act will be punished with imprisonment for a term of not more than seven years and a fine equal to twice the amount in question The crime, explains that he excluded this crime from the application of the provisions of Section 32 of Criminal Code, which provides that the accused shall not be punished in the case of multiple criminal acts, except with one punishment, which is the heaviest punishment.

In his private statements to Sawt Al-Umma, Abdul Majeed continued, the amendment introduced a final paragraph, which is that it does not require a conviction for the original crime to prove the illegal source of the proceeds of the crime. , and points out that Article 14 bis provides that this money will be confiscated or a fine equal to the value of these funds Funds in the event that it is transferred in good faith to others.

The legal expert added that the amendment also introduced section 15bis, which provides that anyone who contravenes section 9bis of this Act shall be punished by imprisonment for a period not exceeding one year or a fine of not less than one hundred thousand pounds and not more than three hundred thousand pounds, indicating that section 16bis of this Act has given the supervisory authorities referred to in section 7 of this Act the right to take all necessary measures against the institutions and bodies affiliated to their control in contravention of the provisions of this Act, such as warning, caution, redress procedures, obligation, prevention, suspension or limitation of business practices for a limited period.

Abdul Majeed concluded that Section 17 of this Act provides that the Attorney General or the Military Advocate General, at the request of the head of the unit’s board of trustees, when necessary or in a state of urgency, the impose precautionary measures that include freezing or seizure in order to prevent the alienation of funds or related assets. With regard to money laundering and related predicate offenses or terrorist financing, the draft amendments to the Money Laundering Act are very important to stop the financing of terrorism and the country’s national security.

Leave a Comment