05/01/23

GLOBAL REGULATION: 365 Egypt companies smuggle funds via offshore accounts, businessman says.

As published on middleeastmonitor.com, Thursday 5 January, 2023.

A US based Egyptian economist and businessman, Mahmoud Wahba, has said some 365 Egyptian companies help smuggle money out of the North African state using secret offshore accounts.

In a series of posts on Facebook, Wahba said he had monitored from reliable sources 365 Egyptian companies that have secret offshore accounts to smuggle money out of egypt.

Wahba called on President Abdel Fattah Al-Sisi and the Attorney General, Hamada Al-Sawy, to immediately intervene to stop this crime.

During Wednesday's trading, the Egyptian pound fell to 26.2 against the US dollar, according to Egyptian bank data.

Offshore accounts are often used for money laundering and tax evasion.