Personal Finance

What is GAFI?

By: Sky RenderUpdated: January 15, 2021

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GAFI is the principal governmental authority concerned with regulating and facilitating investment in Egypt. The promotion of Egypt's potential sectors to attract foreign investment, reinvestments and expansions. The development of investment services.

In respect to this, what is GAFI in Egypt?

The General Authority for Investment (GAFI) is an affiliate of the Ministry of Investment (MOI) and the principal governmental body regulating and facilitating investment in Egypt. GAFI is the regulatory body of any joint stock, limited liability and sole proprietary companies.

Subsequently, question is, what should I invest in Egypt?

Areas Of Investment
  • Asset acquirement.
  • Oil and gas production and exploration.
  • New petrochemical projects.
  • New world-class third generation refinery projects.
  • New joint mega LNG projects.
  • Buying shares of great companies in the Egyptian stock market.
  • Industries manufacturing oil and gas materials, equipment and services.

Who is the head of FATF?

Xiangmin Liu

Is India a member of FATF?

India became an Observer at FATF in 2006. Since then, it had been working towards full-fledged membership. On June 25, 2010 India was taken in as the 34th country member of FATF.

Related

What is GREY list and blacklist?

The FATF updates the blacklist regularly, adding or deleting entries. (This map shows the countries included in the Greylist) 2. Meaning of Grey List: Those countries which are not considered as the safe heaven for supporting terror funding and money laundering; included in this list.

Which countries are in FATF blacklist?

The current FATF blacklist includes two countries: North Korea and Iran. While it has no direct investigatory powers, the FATF monitors global AML/CFT regimes closely to inform the content of its blacklists.

Is FATF blacklist Pakistan?

Pakistan was placed on the 'Grey List' by the FATF in June, 2018 and was given a plan of action to complete it by October, 2019 or face the risk of being placed on the blacklist along with Iran and North Korea.

How do I join the FATF?

Process and criteria for becoming a FATF member
  1. Step 1 – Engaging with the country and granting observership. a) The country should provide a written commitment at the political/Ministerial level:
  2. Step 2 – Carrying out a mutual evaluation, agreeing an action plan and granting membership.

What is meant by FATF GREY list?

When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the 'grey list'.

Why is FATF important?

The FATF's role in the prevention of financial crime. The Financial Action Task Force, or FATF, is one of the most influential and important organizations in regard to combating financial crimes such as money laundering, terrorist financing, and other forms of corruption.

How wealthy is Egypt?

Egypt has the second-highest gross wealth in Africa, according to the Africa Wealth report of 2018. Egypt recorded a total of $330 billion by the end of 2017, but was surpassed by South Africa who tops the list with $722 billion despite having around half of Egypt's population.

What are the three objectives of FATF?

The objectives of the FATF are:
FATF set standards and promote effective implementation of legal, regulatory and operational measures to combat terror financing, money laundering, human trafficking and other related threats to the integrity of the International Financial System.

What is FATF's decision making body called?

The FATF's decision making body, the FATF Plenary, meets three times a year and updates these statements, which may be noted.

What is FATF plenary?

During a plenary year, the FATF holds three plenary meetings, a meeting of experts on typologies, and, depending on the focus of current work, intersessional meetings and meetings of various ad hoc groups. The plenary meetings usually take place in October, February and June of each year.

When was FATF created?

1989

What are the FATF recommendations?

The FATF Recommendations are the internationally endorsed global standards against money laundering and terrorist financing: they increase transparency and enable countries to successfully take action against illicit use of their financial system.

Is it good to invest in Egypt?

The Bottom Line. Now is a great time to invest in Egypt. Sound reforms, public initiatives and an educated and healthy labor force as well as plenty of natural resources have helped Egypt become a prime destination for global companies and investments.