Egypt arrests man for laundering 50m Egyptian pounds

The General Department for Combating Public Money Crimes at the Egyptian Ministry of Interior arrested a suspect of laundering 50 million Egyptian pounds, which he obtained illegally from foreign exchange trading outside the Egyptian market.

The Ministry of the Interior said in a statement on Saturday evening that the suspect who resided in Cairo Governorate, had a criminal record, and was imprisoned pending a case of practising a large-scale activity in the field of illegal trade in foreign exchange outside the banking market, at black market prices.

The Ministry stated that the suspect profited and collected large sums of money from his illegal activities, through laundering that money by establishing companies and buying housing units and cars, as if they were the outcome of legitimate activities.