Regulatory Alerts2022-12-18
Added · Updated
Circular dated December 18, 2022 amending controls on gold export proceeds
Banks must report gold export proceeds not received within seven working days of shipment to the Central Bank of Egypt, which will blacklist the client and affiliated entities from future similar transactions. Banks are also required to notify the Ministry of Trade and Industry, Customs Authority, and Stamp and Weights Authority to take necessary measures. The remaining provisions of the April 28, 2013 circular and its subsequent amendments remain in effect for matters not addressed in this update.
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