Regulatory Alerts2019-01-01
Cabinet Decision No. 2910 of 2019
The Egyptian Prime Minister issued Cabinet Decision No. 2910 of 2019 to amend Articles 50 through 54 of the Executive Regulations of the Anti-Money Laundering Law. The decision mandates the Financial Intelligence Unit to implement Egypt's international counter-terrorism and counter-proliferation financing obligations, establishes strict seven-day procedures for the Public Prosecutor and Cairo Court of Appeal to list or remove entities and persons from terrorist lists, and outlines immediate asset freezing requirements for regulatory bodies and financial institutions. Furthermore, it defines "without delay" for freezing actions, permits limited exemptions for basic and exceptional expenses upon court approval, and requires prompt international notification of all listing and delisting decisions.