Egypt’s National Post Authority, Egypt Post, announced that a ban on the circulation of funds, cheques, and tradable items inside parcels and postal items, whether in the case of sending or receiving, will take effect as of Tuesday.
The decision comes in accordance with Ministerial Resolution No 749 of 2020, regarding the Egypt Post’s full compliance with national legislation on combating money laundering and financing terrorism.
Sherif Farouk, National Post Authority Chairperson, said that the decision to prohibit the circulation of these items via Egypt’s postal services is a regulatory measure. It is aimed at compliance with national legislation on combating money laundering and the financing of terrorism, whilst also regulating the process of sending and receiving parcels.
The National Post Authority signed a Memorandum of Understanding, on Monday, with the First Abu Dhabi Bank Egypt (FAB) that covers the regulation of financial services and establishing the basis for financial inclusion.
The MoU comes as part of the development of strategic relations between the National Post Authority and the banks operating in Egypt. It also expresses the confidence the banking sector’s has in Egypt’s postal services, and its eagerness to cooperate with the National Postal Authority, as one of the most important and largest economic entities in Egypt.