Formation of Working Group for the
Formation of Working Group for the Repatriation of Smuggled Monies
The Prime Minister issued Decree No. 620 of 2012 forming the National Coordination Group for the Entities Involved in the Repatriation of Smuggled Monies and Assets (“Coordination Group”).[1]
The Coordination Group is chaired by the Prime Minister and includes representatives of the Money Laundering Combat Unit, the Ministries of Justice, Foreign Affairs, Interior, the Central Bank, the Public Prosecution, the General Intelligence service, and the Judicial Committee for the Repatriation of Funds. It is up to the group to involve whoever it sees as appropriate in terms of relevant knowledge and specialization. The Coordination Group meets at least once a month and has a permanent secretariat.
In terms of jurisdiction, the Decree states that the Coordination Group shall be responsible for “activating the efforts to repatriate assets and monies smuggled abroad”, including setting out strategies to achieve this goal, mechanisms for implementation, determining the obstacles to repatriating assets and funds and ensuring they are overcome.
Unfortunately, this will be a worthless Decree and is merely a formalization of ordinary meetings taking place between various public agencies, and accordingly it is clear that the purpose of issuing it is for the Government to seem like it is undertaking some effort in repatriating funds from abroad. In reality, what prevents the repatriation of funds is the absence of any clear determination over what constitutes “smuggled” monies and assets rather than the lack of legal framework for repatriation. This looks like a PR exercise.
[1] Prime Minister’s Decree No. 620/2012 forming the National Coordination Group for the Entities Involved in the Repatriation of Smuggled Monies and Assets, Egyptian Gazette, Issue No. 136, 13 June 2012.
The Prime Minister issued Decree No. 620 of 2012 forming the National Coordination Group for the Entities Involved in the Repatriation of Smuggled Monies and Assets (“Coordination Group”).[1]
The Coordination Group is chaired by the Prime Minister and includes representatives of the Money Laundering Combat Unit, the Ministries of Justice, Foreign Affairs, Interior, the Central Bank, the Public Prosecution, the General Intelligence service, and the Judicial Committee for the Repatriation of Funds. It is up to the group to involve whoever it sees as appropriate in terms of relevant knowledge and specialization. The Coordination Group meets at least once a month and has a permanent secretariat.
In terms of jurisdiction, the Decree states that the Coordination Group shall be responsible for “activating the efforts to repatriate assets and monies smuggled abroad”, including setting out strategies to achieve this goal, mechanisms for implementation, determining the obstacles to repatriating assets and funds and ensuring they are overcome.
Unfortunately, this will be a worthless Decree and is merely a formalization of ordinary meetings taking place between various public agencies, and accordingly it is clear that the purpose of issuing it is for the Government to seem like it is undertaking some effort in repatriating funds from abroad. In reality, what prevents the repatriation of funds is the absence of any clear determination over what constitutes “smuggled” monies and assets rather than the lack of legal framework for repatriation. This looks like a PR exercise.
[1] Prime Minister’s Decree No. 620/2012 forming the National Coordination Group for the Entities Involved in the Repatriation of Smuggled Monies and Assets, Egyptian Gazette, Issue No. 136, 13 June 2012.