Learn about the penalty of 4 currency dealers, who value 13 million pounds and 330 thousand dollars
The Egyptian authorities succeeded in controlling 3 cases of illegal trade in foreign exchange, which amounted to about 13 million Egyptian pounds, 330 thousand US dollars.
The information and investigations of the administration branch in the center of the delta confirmed that a person who holds a bachelor's degree was engaged in a large-scale criminal activity in the field of illicit trafficking in foreign currency outside the banking market and at black market prices, selling and buying. Following the legalization of the procedures, he was arrested and confronted with the incident. The volume of its transactions during the year according to the examination of the document equivalent to (3,000,000) three million pounds.
The West Delta Management Branch, after legalizing the necessary procedures, seized an export office owner for illegal trading in foreign exchange through the company's overseas customers sending cash to him through a money transfer company in US dollars in exchange for movables and furniture. Its transactions since 2016 to date according to the examination of the document equivalent to (700,000) seven hundred thousand pounds.
In a related context, following preliminary inquiries and taking legal action, the Anti-Money and Smuggling Department managed to arrest two people (who have a communications center – a tourist guide, located in Giza governorate) for dealing with foreign exchange outside the banking market at black market prices. (330 thousand US dollars – 9 million pounds), Major General Ibrahim al-Deeb, director of the General Department of Public Money Investigations to take the necessary legal measures.
In the following lines, we observe the punishment awaiting the accused:
The law of the Central Bank, the Banking System and the Monetary Law No. 88 of 2003 regulating foreign currency transactions has been amended to limit currency trafficking and to impose a severe penalty on anyone who wishes to exercise such activities, which affect the national economy.
Al-Sakka added that the amendment of Article 126 of the said law shall be punishable by imprisonment for a period of not less than six months and not exceeding three years and a fine of not less than one million pounds and not exceeding five million pounds. Anyone who violates any of the provisions of Articles 111, 113, 114, ) Of Law No. 88 of 2003 on the regulation of foreign exchange operations.
Al-Sakka pointed out that the Law of the Central Bank, the Banking System and the Monetary Law No. 88 of 2003, added a new article No. 126 bis to the penalties for the intensification of the penalty for the activity of foreign currencies outside the legal channels, and stipulates that a penalty of not less than three years and not more than ten years , And a fine equal to the amount of the crime, whoever deals in foreign exchange outside the approved banks or the authorized parties, and provides that in all cases the confiscation of the amounts of the crime.
(t) Trade (t) Trading in Currency (t) Currency (t) Penal Code
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