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Egypt’s Sanctions Regime: A Comprehensive Overview

CAIRO, Egypt - The Egyptian government has implemented a range of sanctions aimed at combating terrorism and money laundering. In this article, we will provide an overview of the country’s sanctions regime, including the relevant laws and regulations, the list of sanctioned individuals and entities, and the consequences for breaching these sanctions.

Sanctions Regime

Egypt has implemented several sanctions regimes, including those related to terrorist organizations, money laundering, and weapons of mass destruction proliferation. The country is a signatory to various international agreements, including the United Nations (UN) Security Council’s resolutions on terrorism and sanctions.

The General Prosecution is responsible for creating and reviewing lists of sanctioned individuals and entities under the Law on Terrorist Organisations and Terrorists Lists. These lists are officially issued through a decree published in the Official Gazette.

List of Sanctioned Individuals and Entities

The list of sanctioned individuals and entities varies depending on the type and source of the sanctions. The Financial Regulatory Authority (FRA) has issued Decree No. 23 of 2020, which requires Egyptian financial institutions to abide by the Central Bank of Egypt’s (CBE) recommendation regarding individuals and entities placed on the list.

The CBE Unit also maintains a database of suspected transactions relating to money laundering and terrorist financing, which it shares with interested parties for crime prevention and cooperation purposes.

Licensing and Authorization System

There is no institutionalized system regulating the issuance of licenses and authorizations exempting particular activities, transactions or types of transactions from UN or other international sanctions regimes. However, individuals placed on the list of sanctioned individuals can challenge their listing within 60 days before the Court of Cassation’s Criminal Division.

Consequences for Breaching Sanctions

There is no institutionalized system regulating breaches of UN sanctions or sanctions by other international organizations. However, certain criminal or administrative penalties may be imposed for non-compliance with orders or regulations issued by competent governmental authorities.

The consequences of breaching Egypt’s Anti-Money Laundering Law vary between fines amounting to EGP 100,000 for natural persons and up to EGP 5,000,000 for juridical persons, in addition to imprisonment for up to seven years, seizure of proceeds of crime, and the suspension of licenses.

Relevant Regulators

The following are the relevant regulators in Egypt:

  • Ministry of Finance: responsible for implementing and enforcing sanctions regulations
  • Central Bank of Egypt (CBE): responsible for regulating and supervising banks and financial institutions
  • Financial Regulatory Authority (FRA): responsible for regulating and supervising non-bank financial institutions
  • General Prosecution: responsible for creating and reviewing lists of sanctioned individuals and entities

Contact Information

For further information on Egypt’s sanctions regime, please contact:

  • Ministry of Finance: [insert contact details]
  • Central Bank of Egypt (CBE): [insert contact details]
  • Financial Regulatory Authority (FRA): [insert contact details]
  • General Prosecution: [insert contact details]

Note: The information contained in this article is intended as a guide only and should not be considered legal advice. It is recommended that individuals or organizations seeking guidance on Egypt’s sanctions regime consult with a qualified legal professional.