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Egypt Battles Financial Crimes: New Law Takes Aim at Cyber Threats

The Egyptian government has taken a significant step to combat financial crimes by introducing a new law aimed at curbing cybercrime. The legislation, approved by parliament and signed into law by President Abdel Fattah al-Sisi, marks a major milestone in Egypt’s bid to regulate cyberspace.

Key Provisions of the Law

• Any individual or entity found responsible for operating a website, private account, email, or information system that encourages committing a cybercrime will face severe penalties, including:
  • At least one year of imprisonment
  • A fine ranging from LE 20,000 to LE 200,000
• Those who illegally use telecommunications, information services, and technology to access copyrighted video or audio content will face:
  • Imprisonment for a period no less than three months
  • A fine between LE 10,000 and LE 50,000
• Internet Service Providers (ISPs) must provide national security authorities with data on users suspected of spreading extremist content across social networks. Failure to comply will result in penalties.

Unintentional Cybercrime

The law also imposes punishments on those who unintentionally commit or encourage committing a cybercrime, including: + Imprisonment for at least six months + Fines between LE 10,000 and LE 100,000

Other Financial Crimes Addressed by the Law

• Fraud on bank cards, services, and electronic payment tools will be punished with:
  • Imprisonment for a period no less than three months
  • Fines ranging from LE 30,000 to LE 50,000

Reactions to the Law

The law has been welcomed by many as a major step forward in Egypt’s efforts to combat financial crimes and protect its citizens from cybercrime threats. However, some have expressed concerns about the potential for abuse of power and the lack of clarity around which state body is responsible for implementing the law’s provisions.

Note: LE stands for Egyptian pound (EGP).