Cairo International airport authorities confiscated $40,000 from Lebanese singer Wael Gassar while going out of Egypt.
The Lebanese singer was arrested by the General Department of Public Funds. Crime’s Investigation Police at the airport arrested Wael Gassar, a Lebanese singer, before he attempted to travel to Beirut. The artist was referred to prosecution for the possession of $50,000 on board a plane.
“Gassar thereby violated the Exchange Act, which allows passengers to travel carrying a maximum of $10,000 or its equivalent in other currencies, “said Ruqaya Riad, a legal adviser to the Federation of Egyptian Banks.
According to Riad, the Code of Criminal Procedure allows Egyptian authorities to confiscate the seized funds with Gassar.
Moreover, Banking Law no. 88 of 2003 gives the right to authorities to refer violators to criminal prosecution, unless they give away these funds.
Gassar told investigators that he was unaware of the regulations on funds entering and exiting Egypt.
“The Lebanese singer’s ignorance of the law does not exempt him from punishment,”said Riad.
In fact, the Banking Law states in Article 116 no. 88 of 2003 that the entry or exit of foreign funds to or from Egypt is a right given to all travelers, provided they declare if the sum exceeds $10,000 or its equivalent in other currencies.
In addition, Article 126 of the same law punishes violators with a maximum imprisonment time of three months and/or a fine between EGP 5,000 and EGP 20,000.