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CanCham News
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The Canadian Chamber of Commerce in Egypt had organized a panel discussion about "Money Laundry and its impact on the Egyptian investment". The seminar discussed the ways of combating corruption and the impact of money laundering upon the Egyptian investments. The seminar focused on the investment climate in Egypt and the national and foreign investments
in the Egyptian market. As well as discussing the impact of illegal financial transactions
such as money laundering on the investment climate World. Taking into consideration the actions
undertaken by the Egyptian government to meet those mafia and organize the flow of capital.
Seminar was conducted by counselors Dr. Serry Mahmoud Siam, The Chairman of the Council of
Trustees of Money Laundering Combating Unit MLCU & First Deputy Chairman Court of Cassation; in addition to Dr. Samir El Shahed, The Executive Director of the Money Laundering Combating Unit MLCU. The event was attended by representatives of banks, financial institutions, major entrepreneurs of Egypt and the members of the Canadian Chamber of Commerce.
Dr. Fayez Ezeldin, Chairman of the Canadian Chamber of Commerce in Egypt, during the seminar emphasized that the main attention of the chamber is to open a dialogue between Egyptian businessmen & investors and the Canadian businessmen, the men of state and government decision-makers in Egypt. He also stated that this seminar comes as part of the chamber's strategy to create an atmosphere of transparency and objectivity to develop the Egyptian-Canadian trade and investments exchange.
From his side, Dr. Serry Siam illustrated during the conference that there is a growing interest in global money-laundering offenses linked to the financing of terrorism, and the development of an international list of countries with new global threats to international economic system. He added that the criminalization of money laundering is not on the mere suspicion, but to be built on clear assured evidence.
Addressing the international community for more and continuous cooperation to track the movement of funds and private sources used or resulting from the illegal profits. He also stressed that no country in the world does not suffer from money laundering issues, and that it is impossible to determine accurately the size of that activity. As well as he warned against complacency in money laundering operations in Egypt, stressing that it would lead to the bad effects of future investors who are in the market.
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