Egyptian parliament gives preliminary approval to two laws on ship safety and real estate brokerage – Politics – Egypt

Speaker of Parliament Hanafy El-Gebaly said the articles of the two amended laws had been approved and would be put to a final vote in a later session.

Ibrahim El-Heneidi, chairman of the House Legislative and Constitutional Affairs Committee, said amendments to the Law Regulating the Safety of Seagoing Vessels (Law 232/1989) oblige Egyptian shipowners to report the handling of their units (sale or rental) to the authorities concerned.

“This amendment is necessary to help the authorities concerned to closely monitor the commercial treatment of ships, vessels and maritime transport units, to establish a good database on these operations and to effectively supervise the performance of the owners in order to prevent the use of their units in illegal operations,” said El-Heneidi, adding that “the amendments toughen penalties against owners who refuse to report the commercial management of their maritime units or who use their units in illegal operations”.

Article 20 of the bill stipulates that owners of vessels who refuse to declare the sale or rental of their units or who use them in illegal activities will be sentenced to one year in prison and forced to pay an amount of at least less than 50,000 EGP and no more than 500,000 EGP in fine.

Article seven states that owners or users of any Egyptian seagoing vessel must report any sale or lease of their units within 30 days of the date of the transaction.

MP Atef Kirban said the amendment is very important as it helps state authorities closely monitor criminal activities by owners of sea vessels and vessels, especially when they are used to make pass migrants.

Meanwhile, the Chamber also provisionally approved new amendments to the law regulating the exercise of commercial agencies and commercial brokerage work (Law 120/1982).

Ahmed Samir, chairman of the House Economic Affairs Committee, said the amendments are aimed at addressing the ongoing expansion in the field of commercial agencies and business and real estate brokerage work.

“The amendments are intended to introduce new objective rules and procedures necessary to regulate new developments in this sector in detail and in a way that will impose stricter control, in particular on the activity of real estate brokerage works, and also resist money laundering operations in this regard,” Samir said, also explaining that “at the moment there is a lot of chaos and indiscipline in the Egyptian real estate market, and the new legislative amendments come fight against scams and fraudulent activities that have plagued the real estate brokerage field in recent years.”

Samir explained that the amendments adopt digitalization and electronic payments in the field of commercial and real estate brokerage works. “To meet this objective, the amendments would establish electronic registers for licensed brokers so as to better control their activities, in addition to requiring brokers to provide detailed declarations on the sale of real estate units,” Samir said. . , adding that “the changes are also in line with the state’s public plans to stimulate investment and integrate the real estate brokerage sector into the formal economy of the country”.

“The activities of commercial agencies and real estate brokerage are becoming increasingly important in the Egyptian market, and the laws regulating them must therefore be continuously streamlined to adapt to international changes in this field and place them under a tighter control,” Samir said. .

MP Wahid Qorqor said the changes were made in order to tackle the scam and money laundering activities that have swept through the real estate brokerage industry in recent years. “I hope the new amendments will regulate the real estate brokerage industry more effectively and at the same time preserve the rights of sellers of buyers of real estate units,” Qorqor said.

MP Ahmed Hitta said that the law on commercial brokerage work had been passed 40 years ago in 1982 and that it was high time to amend this law to stem the proliferation of cheating which has plagued this sector for many years. years.

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