File Photo: Members of the Egyptian parliament attend the opening session at the main headquarters of Parliament in Cairo (Photo: Reuters)
Two committees of the Egyptian parliament approved on Sunday a government-drafted law aimed at regulating the procedures for sequestering, managing, and disposing of the assets of the banned Muslim Brotherhood group.
The draft law also covers all Islamist groups and movements that are found guilty of mounting terrorist attacks or being affiliated with the Brotherhood in any way.
The Legislative and Constitutional Affairs Committee and the National Security and Defence Committee both gave their approval to the bill, which is expected to be approved by parliament in a plenary session on Sunday or Monday.
The 20-article draft states that an ad hoc committee will be formed with responsibility for managing the assets of the group and of all other groups and movements related with the mother organization and listed as “terrorist entities”.
“The assets include all kinds of property, in-kind possessions, bonds, national or foreign cash, and financial securities,” the draft states.
The law states that all state institutions – including banks, whether public or private – will be obliged to cooperate with the ad hoc committee, giving all necessary assistance and implementing its resolutions.
Egypt’s Muslim Brotherhood was designated a terrorist organization following a number of terrorist attacks targeting buildings belonging to security forces in Cairo and Nile-delta cities in December 2013.
Many of the group’s leading figures were arrested, while many of its assets were sequestrated.
The government also designated two movements – Hasm and Liwaa El-Thawra – are terrorist organizations led by Muslim Brotherhood figures. The two movements were listed as "terrorist" entities by the United Kingdom and the United States.