About The Unit
The Unit was established pursuant to the Anti Money Laundering and Counter Terrorist Financing Law No. (46) for the Year 2007, as a financially and administratively independent Unit .
The Unit is responsible for receiving the notifications in relation to any transaction suspected to be related to money laundering or terrorist financing and requesting information related thereto, analyzing and investigating such, as well as providing the competent authorities with such information, when necessary, for the purposes of anti money laundering and counter terrorist financing.
The Unit may request the authorities to provide it with any additional information related to the notifications received if it is considered necessary to perform the Unit's tasks or upon a request made by Counterpart Units within the period specified in the request. The Judicial authorities, Regulatory and supervisory authorities performing their powers over entities subject to the provisions of the Law and any other administrative or security authorities, are also requested to provide the Unit with any additional information related to the notifications received if it is considered necessary to perform its tasks or upon a request made by Counterpart Units within the period specified in the request.
Once sufficient information is available concerning a transaction suspected to be related to money laundering or terrorist financing, the Unit shall prepare a report attached therewith the information, data, documents, and legal instruments, and the Chief of the Unit shall submit the report to the competent Prosecutor General for investigation. Based upon the request of the Chief of the Unit, the competent Prosecutor General shall seize or trace the money subject of the suspicious transaction.
The Unit shall have the right to exchange information with Counterpart Units on a reciprocal basis provided that the information shall be utilized only to prevent money laundering and terrorist financing, and provided that the approval of the Counterpart Unit that provided such information is obtained. The Unit shall have the right to sign memoranda of understanding with the Counterpart Units to organize cooperation in this regard.