WB denies allegations on money laundering

A top World Bank official yesterday denied that the international lending agency mentioned Egypt in any of its documents or reports on money laundering.

WB Deputy Executive Director Mohamed Kamal Omar affirmed that the WB did not submit any reports about money laundering to the Financial Action Task Force on Money Laundering (FATF), a Paris-based agency founded by the G-7 industrial group.

He also denied claims that the FATF included Egypt in its annual list of non-cooperative countries.

Egypt is currently preparing special legislation to prevent money laundering. The draft law is expected to go before the Cabinet soon before its submittal to parliament for ratification.

Omar said that the WB board of directors would convene on July 3 to discuss two reports concerning Egypt: The first report is on proposed WB financing for Egyptian development ventures, and the other is on Egypt's economic and social achievements.

The WB prepared Egypt's development strategy report in cooperation with the government, said Omar, adding that the report includes financing for five service projects during the next three years.