Mansour Amends Provisions of Anti-Money Laundering Law

President Adly Mansour amended on Monday 1252014 a number of provisions in anti-money laundering law.

The amended law was issued to put a legal timeframe and regulatory rules to confront money laundering in Egypt, said Presidential Spokesman Ambassador Ihab Badawy.

Under the law, a unit to confront money laundering and funding terrorism was established as an affiliate to the Central Bank of Egypt, he added.

Amendments made to the law would contribute to Egypt’s abiding by the obligations imposed by international conventions, he concluded.

Source : Egypt State Information Service