Anti-money laundering

Money laundering

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Money laundering definition:

The term "Money Laundering" refers to all the methods and techniques used on purpose for disguising or concealing illicit income and ill-gotten gains (generated whether by unlawful operations or by all related activities) in order to make these proceeds appear lawful and legitimate.

In accordance with the provisions of Article (1), subsection (b), of Law # 80, of Year 2002" and its amendments, promulgating the “Combating Money Laundering” Law, Money Laundering definition denotes the following:

 “Money laundering shall, at large, encompass all conduct that aims to earning, possessing, disposing of, managing, holding, exchanging, depositing, warranting, investing, transferring, transmitting, or dishonestly changing the real value of, funds generated by any of the criminal activities specified in the provisions of Article # (2) of said law (and its amendments prescribed in Law # 181, of year 2008, promulgated on June 22, 2008) whenever the purposes of this conduct are to concealing, or disguising the nature, source, place and destination of the funds, as well as the owner or the entitled beneficiary thereof, or falsifying the real nature of or obstructing to depict and trace the funds, or hindering to recognize the identity of the individual, who committed the crime that had yielded the funds.”

 

For further informations please contact us

compliance@albaraka-bank.com.eg

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