WARNING - 'frozen U.S $'s.
Posted: Tue Jan 02, 2024 8:00 am
Towards the end of last week the Egyptian government announced throughout the national media, including the state run El Ahram, that it had discovered a large amount of fake U.S. $'s in general use throughout the country, and suggests these are being bought through the black market.
The report goes on to advise people that the U.S. treasury has issued advice that certain $ notes known to have been used for money laundering activities, are no longer valid. Further to this, the international banks have been made aware of the various serial numbers of such notes. The Fed in America have made it clear that such notes are no longer valid.
What to make of all this I'm not sure, perhaps to scare Egypt people off from exchanging LE to hard currencies. Its statements are correct, there are a certain amount of U.K. £20 notes around today that are fake, and have no value. As for money laundering activities, these will only show up when someone accepts a large amount of U.S. $'s in cash exchange. I suspect that anyone who is selling up and leaving Egypt ensures they deal through an international bank rather than the usual state banks there.
The report goes on to advise people that the U.S. treasury has issued advice that certain $ notes known to have been used for money laundering activities, are no longer valid. Further to this, the international banks have been made aware of the various serial numbers of such notes. The Fed in America have made it clear that such notes are no longer valid.
What to make of all this I'm not sure, perhaps to scare Egypt people off from exchanging LE to hard currencies. Its statements are correct, there are a certain amount of U.K. £20 notes around today that are fake, and have no value. As for money laundering activities, these will only show up when someone accepts a large amount of U.S. $'s in cash exchange. I suspect that anyone who is selling up and leaving Egypt ensures they deal through an international bank rather than the usual state banks there.