The Anti-Drugs and Organized Crime Sector of Egypt’s Interior Ministry arrested an individual attempting to launder about LE265 million, the earnings of his criminal activity in drug dealing.
The Interior Ministry said in a statement on Monday that the arrest of this individual is part of its efforts to combat money-laundering crimes, identify and monitor property, track the wealth of individuals involved in criminal activities, and take legal action against those individuals in accordance with the provisions of the Anti-Money Laundering Law.
The Anti-Drugs and Organized Crime Sector took legal actions against the criminal element on charges of drug dealing and accumulating wealth as a result of criminal activities.
The statement said that the suspect resorted to money laundering this wealth through various means such as purchasing agricultural land and establishing commercial projects and real estate constructions.
Through such projects, the suspect intended to conceal the source of his wealth and display that wealth as a result of legitimate entities.
The properties of the suspect are estimated to be valued at LE265 million.
Edited translation from Al-Masry Al-Youm
