Financial Crime World

White-Collar Crime in Finance: A Persistent Challenge in Egypt’s Business Sector

Egypt’s business landscape has witnessed a rise in white-collar crime incidents, specifically in the finance sector. One prevalent offense is bribery, which adversely impacts Egypt’s economic growth and development and its international reputation. Soliman Hashish & Partners, a leading corporate law firm based in Egypt, discusses this issue.

The Prevalence of White-Collar Crimes in Egypt

With a presence in various industries, including telecom, media, technology, banking, and finance, Soliman Hashish & Partners acknowledges the significant consequences of white-collar crimes, such as bribery.

Understanding Bribery: A Crime of Influence

  • Internationally, bribery is defined as a crime of influence.
  • Involves the offering, giving, receiving, or promising of any advantage in exchange for the improper performance of public or private duties.
  • Compromises state development and integrity.

Egyptian Law and Bribery

  • Bribery remains a serious offense under Egyptian law.
  • Can lead to life imprisonment and a hefty fine equal to the value of the bribe.
  • Applies to public officers and those performing public duties.

The Broader Definition of Bribery

  • Extends beyond a simple exchange.
  • Includes performing duties without competency but assuming competency or performing duties due to external influence.

Consequences for Board Members and Managers

  • Face up to seven years of imprisonment and fines equivalent to the value of the bribe.

The Reluctance to Report Incidents

  • Fear of retaliation and potential legal complications prevent reporting.

Egypt’s Response to White-Collar Crime and Bribery

  • Establishment of Integrity Units within government institutions.
  • Heightened scrutiny on financial transactions.

Conclusion

  1. White-collar crime continues to pose a challenge for Egypt’s business sector and wider economy.
  2. Robust legislation and client education are crucial in promoting transparency and accountability.
  3. Soliman Hashish & Partners is at the forefront of ensuring business integrity through their work.