Page 59 - Aug Sept 2016

The Washing Machine - Fighting Money Laundering in the Middle East
* Improve enforcement of cross-border currency controls, specifically allowing for
seizure of suspicious cross-border currency transfers.

* Empower law enforcement and customs authorities to examine and investigate
trade-based money laundering, informal value transfer systems and customs fraud.
They should take the initiative and proactively generate leads and investigations and

be able to follow the financial trails wherever they lead.

* Update AML laws against terrorism specifically to address the threat of terrorism
financing, including asset identification, seizure and forfeiture.

* Encourage countries to ratify the UN Convention against Transnational Organized
Crime; UN International Convention for the Suppression of the Financing of
Terrorism; and UN Convention against Corruption.

* Strengthen charity oversight, especially in overseas operations.

* Implement and enforce a uniform cash declaration policy for inbound and
outbound travelers.

More needs to be done to combat both money laundering and terrorism financing.

While governments and financial institutions in the region have taken effective and
advanced steps, the political and cultural environment in the region will continue to

present challenges.

Photo Courtesy of google.com

Hany Abou-El-Fotouh is Director Policy & Corporate Affairs, CI Capital Holding - the investment banking arm
of Commercial International Bank, Egypt. He is a leading expert on money laundering and terrorist financing
controls and corporate governance best practices in the MENA region. Founder of the Middle East Compliance
Officers' Forum (MECOF), he has been honored for his work in promoting compliance culture and awareness in
the MENA region

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