Terrorist groups' assets to be confiscated, new law ratified

CAIRO - 22 April 2018: The government-drafted law to regulate the legal procedures to seize, manage and dispose of terrorist organizations' assets, comes into force on Monday, after it was ratified by President Abdel Fatah al-Sisi.

The President's ratification was published in the official gazette 'Al-Waqa'i' al-Misriyya' on Sunday. As per the Egyptian code, any law or presidential decree comes into force on the day following its publication in the official gazette.

On April 14, the law was enacted by the House of Representatives.

The 18-article law aims to regulate the legal procedures to confiscating and disposing of terrorist groups’ assets, including property, bonds and national or foreign cash, as per the rulings of the Cairo Court for Urgent Matters.

The law stipulates that all state institutions, including private and public banks, shall cooperate with a judicial ad hoc committee to implement its resolution, and those who will not provide the committee with the necessary information will be punished with a year in prison and a fine not less than LE 10,000 and not more than LE 50,000.

Additional reporting by Marina Gamil