LEGISLATION WATCH- House committee approves amendments to Anti-Money Laundering Act: The House Constitutional and Legislative Affairs Committee approved on Monday several amendments to the Anti-Money Laundering Act that widen the scope of money laundering to include selling and smuggling of oil, natural resources, securities and cryptocurrency, among others other assets, Ahram Online reports. They would also empower the Money Laundering and Terrorist Financing Combating Unit to expedite freezing assets, and require cooperation between relevant authorities and the publishing of up-to-date reports. A seven-year prison sentence and hefty fines will be imposed on those caught laundering any of these assets.

The amendments appear to be part of a wider effort to crack down on terror financing. The House last month approved proposed amendments to the Anti-Terrorism Act that expanded the definition of terrorist financing, coming at a time when Egypt’s legal framework against money laundering and funding terrorism was subject to a review by the the Middle East and North Africa Financial Action Task Force.