Egypt Independent

Egypt has become ‘big laundry for money laundering’: MP



Egypt has become a big laundromat for money laundering, said MP and head of the Federation of Industries Mohamed al-Seweidy in a phone-in with TV channel Ten Monday evening.
 
Everyone in Egypt purchases things using cash, which allows some traders to profit from smuggling, he mentioned.
 
Mechanisms have been put into place by specialists in cooperation with the CBE to face smuggling and money laundering and will be applied soon, said Seweidy.
 
 
Edited translation from Al-Masry Al-Youm