Regulatory Alerts2003-01-01
Law No. 78 of 2003 Amending Some Provisions of the Anti-Money Laundering Law Issued by Law No. 80 of 2002
The Egyptian People's Assembly enacted Law No. 78 of 2003 to amend the Anti-Money Laundering Law (Law No. 80 of 2002). The legislation expands the list of predicate offenses to include fraud, breach of trust, deception, and forgery, and authorizes the Prime Minister to designate additional entities subject to reporting obligations. It further introduces a judicial leniency mechanism that permits courts to waive imprisonment and fines for perpetrators who voluntarily report the crime and facilitate the apprehension of accomplices or recovery of illicit assets.
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