House Legislation committee to review Anti-Money Laundering Act

LEGISLATION WATCH- House Legislation Committee to review Anti-Money Laundering Act: House of Representatives Speaker Ali Abdel Aal has referred the proposed amendments to the Anti-Money Laundering Act House Legislation Committee for review, according to Mubasher. The amendments proposed by the government would expand the definition of “money” to include oil, natural resources, securities, and cryptocurrency, among others. The changes would also, if passed, introduce a seven-year prison sentence and hefty fines on those found guilty of laundering any form of “money.”