The General Administration for Combating Illicit Trafficking Crimes in Egypt succeeded in apprehending a Syrian businessman and 4 Egyptians in the case of illegal trading in foreign exchange and transferring funds outside the country.
And information was received by the Egyptian security forces that “the defendants carried out illegal trading in foreign exchange and transferring funds to and from outside the country, in what is known as the clearing system, in violation of the provisions of the law.”
Investigations confirmed that “a Syrian businessman, owner of a ready-made garment factory, and 4 others, illegally traded in foreign exchange and transferred funds to and from outside the country, in what is known as the clearing system, in violation of the provisions of the law, outside the scope of the banking market.”
The clearing system is established by meeting people outside the banking system, and exchanging currencies between them, which is considered trading in foreign currencies punishable by law in Egypt.
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