Egypt cabinet approved, on Thursday, a draft law to establish an entity to manage recovered funds from abroad, which would be affiliated to the Minister of Finance.
During the cabinet’s weekly meeting, Prime Minister Mostafa Madbouly said the new entity would be headquartered in Cairo, with possible offices in other governorates.
The entity is exclusively concerned with managing looted funds that the state recovers, funds confiscated under final verdicts, and funds recovered under Law No. 127 of 1956 which gives an authorisation to the Ministry of Finance on such funds.
The body is also concerned with managing the nationalised funds, and funds that are reconciled on, confiscated, assigned, or recovered by the state, as well as unused assets that are transferred to the body by a decision of the Prime Minister.
This also includes seized funds in any criminal case after three years from the date of the lawsuit’s end without being requested by the people who filed the case. This is in addition to the funds that are referred to the body from courts or competent authorities, as well as the funds entrusted by the cabinet to the entity to manage them.
The draft law stipulates that the new body shall replace the Custody Clearance Agency, The General Administration of Recovered Funds, and the Central Administration of Agricultural Reform Resources and Compensation.