Following the addition of Egypt to the international blacklist of money-laundering nations, Egypt fiercely rejected the accusations on Monday, June 25.
The government newspaper Al Akhbar quoted an Egyptian economy ministry official declaring that "Egypt has never been and will never be a base for money laundering…Egypt has laws and monitoring institutions which guarantees that it categorically fights such operations," according to AFP new agency.
On Friday, June 22, the Financial Action Task Force (FATF)—founded in 1989 and including 29 member countries—added six nations to the blacklist, bringing the total number of money-laundering countries to 17. It also threatened to further punish three countries already on the list—Russia, the Philippines and the Pacific island of Nauru—if they do not include proper legislation and supervision to fight the recycling of illicit gains. —(MENA Report)
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