| President of the Egyptian Financial Supervisory Authority (EFSA) Ashraf Al-Sharqawi warned that sukuk could be used to launder money, during a meeting of the Shura Council’s Economic Committee. “Islamic Bonds and certificates which are issued must be nominal and not specific to the bearer, so as to prevent acts of money laundering,” he said.
Sharqawi called for Article 25 of the country’s proposed sukuk law to be dropped. The article stipulates that a maximum fine of EGP 20m should be imposed on those who violate the law. “People can reap huge profits from money laundering, far greater than that of the maximum fine imposed by this law,” he said...............................................Full Article: Source
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