Gamal Negm, Deputy Governor of the Central Bank of Egypt (CBE), announced the formation of a new committee – which includes the CBE, the Egyptian Financial Supervisory Authority (EFSA) and the country's finance ministry, entitled to study the best methods for making the Foreign Account Tax Compliance Act (FATCA) come into force. On the sidelines of the Arab Banking Conference 2013, Negm noted that the new committee will be under the chairmanship of Dr. Samir El-Shahed - the Sub-Governor of the Egyptian Money Laundering Combating Unit at CBE. Negm further said in his opening address, the committee is expected to draw up within the upcoming period a work plan and new mechanisms targeting coming into force the FATCA. The new committee will be the sole entity which will give its recommendations to the country's financial sector as regard to the Foreign Account Tax Compliance Act, he added. Moreover, Negm stressed the importance of adopting the FATCA for the benefit of the banks in Egypt. He noted that the Egyptian banks shall work more within this phase on reaching an agreement on increasing disclosures and transparency for the deposits owned by the Arabs living abroad.
