Egypt added to blacklist of money laundering nations

Published June 25th, 2001 - 02:00 GMT

Egypt was among the six countries added on Friday, June 22, to the blacklist of money-laundering nations. The remaining five countires added to the list by the inter-government Financial Action Task Force (FATF) were Guatamala, Hungary, Indonesia, Myanmar and Nigeria, reported AFP news agency. 

 

The addition of Egypt to the blacklist forces the Egyptian government to take serious actions against the recycling of illicit gains if it does not want to undergo sanctions that would make it an outcast in the business world. The FATF threatened to launch tough inspections on the country’s banks’ applications to opening overseas bank branches, in addition to warning normal businesses that deals with Egyptian companies could involve money laundering. 

 

The Bahamas, Caymans, Liechtenstein and Panama were judged to have taken sufficient actions to fight their money laundering situation and were therefore removed from the list. Despite Russia’s anti-money laundering conference that took place this month, Russia still remains on the list, and is threatened with further punishment unless it includes proper legislation and supervision.  

 

The 17 countries currently listed in the FATF blacklist include: Cook Islands, Dominica, Egypt, Guatemala, Hungary, Indonesia, Israel, Lebanon, Marshall Islands, Myanmar, Nauru, Nigeria, Nieue, Philippines, Russia, St Kitts and Nevis and St Vincent and the Grenadines. — (MENA Report) 

© 2001 Mena Report (www.menareport.com)


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