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					         Company:        ABC Bank Egypt
         PR Contact:     Hany Abouel Fotouh (Hany.AbouelFotouh@arabbanking.com.eg)
         Posted By:      Eman Hassan (emo_us@hotmail.com)
         Published:      Bahrain, Thursday, May 29 - 2008 at 15:14 (GMT+4)
         Media Value:    US$ 3,250 (based on reach of audited readership)



             Egyptian banker presides over Anti-Money
                   Laundering Forum in Bahrain

        Abou-El-Fotouh was chairing 3rd
        Annual Middle East Anti-Money
        Laundering Forum in Bahrain.




        The forum has presented comprehensive outlook towards updating anti-money laundering
        (AML) framework.

        He said that money laundering is a global concern that requires intensive international action.

        The huge amounts of dirty money injected into the international financial markets may also
        undermine the financial system.

        "The governments in the Middle East continue to improve their efforts to develop effective anti-
        money laundering system. Countries in the region have taken advanced measures in the fight
        against money laundering" he was quoted as saying. "Among the robust measures, governments
        have enacted anti-money laundering legislation that criminalizes money laundering for a wide
        range of crimes and created financial intelligence units or similar functions. They issued anti-
        money laundering guidelines for financial institutions and non-financial institutions as well as
        regulations to register hawala dealers and to control the work of charities and non-profit
        organizations. Moreover, rules on cross-border movement of cash and precious metals have
        been introduced. The most significant initiative was the establishment of Middle East & North


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        Africa Financial Action Task Force (MENA FATF) having members from 17 countries and 12
        organizations as observers" he said.

        Addressing the delegates about anti-money laundering governance, Abou-El-Fotouh said "for
        anti-money laundering, regulators expect to see convincing evidence that banks and other
        financial institutions govern themselves well. An important measurement of AML good
        governance is how well senior management and board of directors are being informed about
        key aspects of AML compliance, risk management and events that may call for their attention."

        Abou-El-Fotouh explained that the board and senior management should never be in a position
        of being surprised by compliance deficiencies, or external sources exploiting their organization
        for money laundering purposes.

        To prevent such surprises, they should ensure that they are up to date on all AML risk
        management and compliance matters affecting their organizations.

        Moreover, regulators expect them to be well versed and knowledgeable in this area.

        At the same time, they should not be bombarded with large volumes of detailed reports that
        could cloud key points.

        Information should be sufficiently high-level and meaningful.

        He concluded by saying that despite the global effort and progress achieved to deter money
        laundering, there is a considerable amount of work still to be done in this area.



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Hany Abou-El-Fotouh Hany Abou-El-Fotouh Chief of Satff & Grop Board Secretary http://www.linkedin.com/in/hanyfotouh
About Hany Abou-El-Fotouh is Chief of Staff & Group Board Secretary, CI Capital Holding - the investment banking arm of Commercial International Bank which is the largest private bank in Egypt . He provides advice and direction to the Board and management with respect to corporate governance practices and formulates corporate policies. Hany is a leading expert on money laundering and terrorist financing controls in the MENA region. Founder of the Middle East Compliance Officers' Forum (MECOF), he has been honored for his work in promoting compliance culture and awareness in the MENA region Hany writes articles to different newspapers and journals on a variety of subjects. He is a public speaker and professional trainer. Previously, he worked in various senior positions in leading banks in Egypt and GCC countries like HSBC, Oman International Bank, Banque Saudi Fransi among others Hany is a certified member of the Association of Certified Anti-Money Laundering Specialists (ACAMS) and Certified Director by Egyptian Institute of Directors http://www.linkedin.com/in/ hanyfotouh hanyfotouh@yahoo.com