Cabinet approves amending money laundering fighting law

CAIRO - 12 February 2020: The Cabinet approved at a meeting on Wednesday under Prime Minister Moustafa Madbouli a draft law amending law No. 80 for the year 2002 on fighting money laundering.

The approval came within the framework of the State's efforts for fighting terrorism in all its forms and drying up its sources.

The draft law identified funds and assets such as oil or other natural sources along with national and foreign currency and securities along with bank cheques and other forms of property.

According to the draft law, anybody charged with money laundering will be sentenced to a prison term that is not more than seven years and a fine equal to the seized funds.