Regulatory Alerts2008-01-01
Law No. 181 of 2008 Amending Some Provisions of the Anti-Money Laundering Law Issued by Law No. 80 of 2007
The President of the Republic of Egypt, acting through the People's Assembly, enacted Law No. 181 of 2008 to amend the Anti-Money Laundering Law by significantly expanding the list of predicate offenses to encompass terrorism, financing of terrorism, organized crime, intellectual property infringement, environmental violations, and customs evasion. The legislation mandates that financial institutions and other designated entities report suspicious transactions and provide requested data to the Financial Monitoring Unit, while explicitly granting supervisory authority to the Prime Minister to designate additional obligated parties. Furthermore, it establishes enforcement mechanisms including court-ordered publication of conviction judgments at the offender's expense and the suspension of a legal entity's operations for up to one year.