The committee charged with confiscating the assets of the Muslim Brotherhood has finished auditing the accounts of 38 new branches belonging to Ansar Al-Sunna Al-Mohamadeya which were proven to be linked to the Muslim Brotherhood. The cabinet decided in a press conference to freeze the assets of 1,055 non-governmental organisations (NGOs) which were said to be linked to the Muslim Brotherhood. The committee is currently monitoring the managing boards of the companies whose money has been confiscated because they are owned by members of the Muslim Brotherhood. Around 132 accounts linked to members of the Muslim Brotherhood in public banks have been confiscated totalling an amount of approximately EGP 40m. The purpose of the confiscation is to prevent this money from being used to support the banned organisation. Chairman of the Egyptian Postal Authority Dr Ashraf Gamal Al-Din said Sunday that the Postal Authority will abide by any decision regarding freezing assets, similar to compliance by banks. Gamal Al-Din clarified that there is an entire committee under the Egyptian Postal Authority cooperating with the Central Bank of Egypt to monitor monetary transactions. This committee prepares monthly reports highlighting any unusual increases in deposited amounts. Gamal Al-Din added: "The Postal Authority abides by legislations and approves all decisions regarding confiscating deposited money, in the case that depositors were involved with cases that require such measure." He stressed that all assets frozen during the past period were also frozen in the Postal Authority. Some banks claimed recently that the Postal Authority is not entitled to freeze the assets of depositors, which gives the authority a competitive edge over banks.
