Anti-money laundering and counter financing terrorism regulation and supervision in Egypt and Malta : a comparative analysis

Abstract

The purpose of implementing the Anti-Money Laundering and Counter Financing Terrorism (AML/CFT) regulations is to safeguard the economy. The financial market integrity can be adversely affected by both money laundering and the financing of terrorism, leading to negative impacts on a country's financial, economic, and political environment. The objective of the dissertation is to compare the regulatory and supervisory frameworks that apply to AML/CFT in Egypt and Malta. Malta and Egypt have many similarities. They are both Mediterranean countries with a rich history of multiple civilizations, making them desirable tourist destinations. Both countries were under British rule and gained independence during the same period - Egypt in 1956, while Malta gained independence in 1964. Over the last two decades, both countries have faced numerous challenges, particularly in their pursuit for financial growth through tourism and financial services. The dissertation aims to determine whether the AML/CFT regulations in Malta, an EU Member State that follows the EU AML/CFT laws, are more effective than those in Egypt, a third country with stricter AML/CFT regulations due to repeated terrorist activities. The study will conduct a comparative analysis of both jurisdictions' AML/CFT regulatory and supervisory framework, with a specific focus on the substantive regulation and supervisory regime.