A punishment awaits a teacher accused of trading in currency in Sohag
The Public Administration for the Investigation of Public Funds in the field of combating illegal trafficking in foreign currency has managed to arrest a person who works as a resident teacher in Sohag, in cooperation with his brother, a shop owner in one of the Arab countries, to collect the savings of Egyptian workers abroad in foreign currency. , And sent to the first under bank transfers or with returnees from abroad, to receive and replace the Egyptian pound from different banks, and delivery to the Egyptian workers, from the people of his village and neighboring villages, in exchange for a commission of 1%, as well as take advantage of the currency difference, Which is an act of banks in violation of the law.
In the first case, he admitted that he had committed the incident together with the second, and found that the volume of transactions during the year according to the examination of the document equivalent to one million and 500 thousand pounds.
In the following lines, we observe the penalty 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 the currency trade and the intensification of the punishment for those who are self-indulgent in the exercise of 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.
(tagsToTranslate) Punishment of currency trading (t) Dollars (t) Saudi riyal (t) Trading in the currency
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