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| Egyptian Public Prosecution announced money laundering and cryptocurrency networks |
The Egyptian Public Prosecution announced that it had referred 437 money laundering cases to the Economic Court during the past two years, and seized illegal proceeds in huge amounts and assets.
The prosecution stated in a statement that the parallel financial investigations resulted in tracking and seizing huge and diverse cash assets, noting that the value of the seized illicit proceeds exceeded 7.89 billion Egyptian pounds, in addition to about 318.31 million US dollars, as well as other foreign currencies and a number of real estate, in preparation for taking legal action regarding them.
The prosecution confirmed its success in dismantling complex financial networks linked to cryptocurrency trading, tracking illegal transfers via blockchain technology, and seizing unlicensed cryptocurrency trading wallets, while establishing digital evidence against those involved.
She added that the necessary legal and banking procedures were taken to seize the proceeds of cryptocurrency trading crimes, which amounted to millions of dollars, and transfer them to the national wallet managed by the Public Prosecution, in preparation for liquidating them and depositing their value in the public treasury in US dollars.
The Public Prosecution affirmed its continued efforts to confront attempts to use modern means as a cover to conceal or legitimize illicit funds, stressing that the long arm of the law will reach all proceeds of crimes in all their forms.
