The Investment and Economic Affairs Division of the National Front Party in Alexandria organized its first economic salon, titled “Money Laundering and the Role of Social Media Tools and Programs.”
During the session, expert Islam Ghanem discussed how technology is exploited in financial crimes, particularly through the low digital awareness of users. He illustrated his points with real-life cases where individuals unknowingly became implicated in money laundering charges, providing detailed analysis for each.
The salon’s initial recommendations included tightening oversight on digital platforms and requiring social media apps and online services to implement a “Know Your Customer” (KYC) framework to verify user identities.
Participants also called for updating anti-money laundering and cybercrime legislation to cover digital transactions and modern payment methods. They emphasized the need for stricter controls on money transfers, especially repeated small-value transactions that may indicate illicit activity.
The discussion proposed establishing a specialized unit within regulatory and security agencies dedicated to monitoring digital financial crimes. This unit would analyze data, track online transactions, and enhance cooperation with international bodies like the Financial Action Task Force (FATF) to exchange intelligence on emerging money laundering tactics via digital platforms.
Additionally, the salon recommended launching public awareness campaigns targeting youth about the risks of using social media for suspicious financial activities and encouraging reporting of illegal behavior. Universities and research centers should be encouraged to study the phenomenon and propose innovative technological and legal solutions.
Egyptian tech firms should be incentivized to develop artificial intelligence tools capable of detecting abnormal financial patterns. The party also plans to hold the economic salon regularly to address various economic issues, reinforcing its role in raising public awareness and supporting national efforts.
— news from بوابة الشروق
— News Original —
National Front Party in Alexandria Holds Economic Salon to Discuss Money Laundering and Social Media Programs
The Investment and Economic Affairs Division of the National Front Party in Alexandria organized the first economic salon titled: “Money Laundering and Tools and Programs of Social Media.”
During the meeting, expert Islam Ghanem discussed the role of technology in money laundering by exploiting users’ weak technological awareness, supporting his talk with numerous practical cases where some individuals found themselves accused of money laundering crimes, along with a detailed analysis of each case.
The salon recommended, in its first session, the necessity of strengthening oversight on digital platforms and obliging applications and social media platforms to apply the “Know Your Customer” system to monitor users’ real identities.
In addition to developing legislation related to combating money laundering and cybercrime to include digital transactions and modern payment methods, and imposing stricter controls on money transfer operations, especially repeated small suspicious transfers.
Establishing a specialized unit to monitor digital financial crimes within regulatory and security agencies, tasked with analyzing data and monitoring online operations, and enhancing coordination with international organizations such as the Financial Action Task Force to exchange information and expertise on the latest money laundering methods through digital platforms.
Launching awareness campaigns for youth about the dangers of exploiting social media platforms in suspicious financial activities, encouraging them to report any illegal activity, and encouraging universities and research centers to study the phenomenon and propose innovative technological and legal solutions.
Encouraging Egyptian technology companies to develop artificial intelligence tools to detect abnormal financial patterns, and continuing to hold the economic salon periodically to discuss various economic issues, enhancing the party’s role in raising awareness and supporting state efforts.