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Egypt Faces New Financial Sanctions Enforcement Notice
In a move aimed at strengthening financial sanctions against Egypt, the European Union has announced amendments to Council Regulation (EU) 270/2011. The updated regulation imposes asset freezes on several individuals linked to the country.
Who is Affected?
According to the notice issued by the Office of Financial Sanctions Implementation (OFSI), two individuals have been added to the list:
- Mohamed Hosni Elsayed MUBARAK
- Heidy Mahmoud Magdy Hussein RASEKH
Both are subject to an asset freeze, and their identifying information has been updated.
What does this mean?
The notice requires financial institutions and individuals to:
- Check if they hold any accounts or funds linked to these designated persons
- Freeze such assets immediately
- Refrain from dealing with the frozen funds or assets unless licensed by OFSI
Failure to comply with the regulations is considered a criminal offense, and those found guilty may face severe penalties.
When did this happen?
The amendments were made through Council Implementing Regulation (EU) 2020/416, which was published in the Official Journal of the European Union on March 20, 2020. The updated list takes effect from March 21, 2020.
Where can I find more information?
Individuals seeking more information can visit the GOV.UK website for a comprehensive guide to financial sanctions and recent notices. For media inquiries, please contact:
- Treasury Press Office
- Foreign and Commonwealth Office Press Office
Key Points:
- Council Regulation (EU) 270/2011 has been amended to impose financial sanctions on Egypt
- Two individuals have been added to the list of designated persons subject to an asset freeze
- Financial institutions and individuals must check if they hold any accounts or funds linked to these individuals and freeze such assets immediately
- Failure to comply with regulations is considered a criminal offense