MLCU head: We play vital role in countering illegal migration

SHARM EL SHEIKH, Egypt - 11 July 2019: Chairman of the Board of Trustees of the Money Laundering and Terrorist Financing Combating Unit (MLCU) Ahmed Saeed Khalil said the unit plays a vital role in countering illegal migration and human trafficking, through conducting the necessary financial investigations into these crimes and referring them to the prosecutor general.

Delivering a speech at the Union Of Arab Banks (UAB's) conference currently held in Sharm El Sheikh, Khalil underlined that most countries do not have accurate statistics about the amount of cash spent on the crimes of human trafficking and migrants' smuggling.

He added that combating these illegal activities requires close cooperation between local and international actors, including law enforcement agencies, judicial and legislative authorities, financial investigation units and civil society organizations.

The MLCU head pointed out that organized criminal groups are greatly active in the field of human trafficking and migrants' smuggling, as they get huge financial returns.

For his part, Chairman of the National Bank of Egypt Hisham Okasha said the bank is closely following up the impact of technological developments on the banking sector.

Also, he stressed the significance of preventing data leak in the wake of the high surge in cyber attacks in the world.

In this regard, Okasha said the Central Bank of Egypt urges banks to cope with the technological developments to be able to face challenges and counter cyber crimes.