{"id":22530,"date":"2014-12-10T05:12:58","date_gmt":"2014-12-10T04:12:58","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=22530"},"modified":"2014-12-10T05:12:58","modified_gmt":"2014-12-10T04:12:58","slug":"embezzled-egyptian-funds","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/embezzled-egyptian-funds\/","title":{"rendered":"Embezzled Egyptian Funds"},"content":{"rendered":"
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The amendment to Egypt’s Law on Illicit Earnings allows for amicable settlement between the government and the public figures who embezzled public funds. Some see this law as an attempt to recover embezzled funds and introduce a hard currency, which the country\u2019s declining economy needs. Others consider the law a legalization of corruption and a loss to state authority.<\/p>\n

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Egypt\u2019s judiciary will consider a new reform to allow for amicable settlement between the government and those accused of embezzlement, bringing in recovered funds but also possibly legalizing corruption.<\/div>\n<\/div>\n
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One article states that the accused, who is under the [jurisdiction of the] Illicit Gains Authority, can at any moment\u00a0reach a settlement with this authority by returning the illicitly gained funds. As a result of the settlement, investigations are stopped and the penal proceedings for the accused are halted, but he is obliged to pay the expenses of the lawsuit and the judges\u2019 fees.\u201d<\/div>\n

Saad noted that the new law includes added categories, such as members of the judiciary and its six committees and members of the police force. \u00a0 Saad said the new law stipulated the complete independence of the Illicit Gains Authority by transferring its subordination from the executive authority, represented by the Minister of Justice, to the Supreme Judicial Council, in addition to allocating a budget for the authority to spend on cases. The law also stated the right of this authority to manage suspicious funds or companies by assigning a financial comptroller to maintain and monitor them. The comptroller would also open a special account for the profits of these funds.<\/p>\n

Meanwhile, Ahmad Refaat, former dean of the faculty of law at the University of Cairo, said that he supported the amicable settlement system and that it was applicable in Egypt to cases related to customs smuggling, tax evasion and currency exchange in unofficial rates.<\/p>\n

Money has been smuggled abroad, but its destination, route and amount remain unknown. Some states such as Switzerland\u00a0announced that they froze the acoounts of\u00a0 Mubarak and some of his men. This move benefits the banks and states where the money is frozen because they do not pay interest on frozen funds, and at the same time, they do not disclose the amount of funds nor do they return them \u2014 except if a final judicial decision is issued that\u00a0pinpoints the smuggled funds and proves they are corrupt with irrefutable evidence. Yet, all of this data is unclear given Egypt\u2019s status quo.<\/p>\n

When the committees visited the states, like Switzerland, that had declared freezing the accounts of Mubarak and some of his men, their banks refused to disclose any information about these accounts, because they are bound by the principle of secrecy. An amicable settlement should be applied to funds that were smuggled during Mubarak\u2019s rule, provided that the state\u2019s monitoring institutions play their role in the new phase and close the loopholes that allow leeway for the corrupt.<\/p>\n

\"Mubarak's<\/a><\/p>\n

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The amendment to Egypt’s Law on Illicit Earnings allows for amicable settlement between the government and the public figures who embezzled public funds. Some see this law as an attempt to recover embezzled funds and introduce a hard currency, which … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[22,13],"tags":[],"class_list":["post-22530","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.w-t-w.org\/en\/wp-json\/wp\/v2\/posts\/22530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.w-t-w.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.w-t-w.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.w-t-w.org\/en\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.w-t-w.org\/en\/wp-json\/wp\/v2\/comments?post=22530"}],"version-history":[{"count":2,"href":"https:\/\/www.w-t-w.org\/en\/wp-json\/wp\/v2\/posts\/22530\/revisions"}],"predecessor-version":[{"id":22533,"href":"https:\/\/www.w-t-w.org\/en\/wp-json\/wp\/v2\/posts\/22530\/revisions\/22533"}],"wp:attachment":[{"href":"https:\/\/www.w-t-w.org\/en\/wp-json\/wp\/v2\/media?parent=22530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.w-t-w.org\/en\/wp-json\/wp\/v2\/categories?post=22530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.w-t-w.org\/en\/wp-json\/wp\/v2\/tags?post=22530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}