Central Bank of Egypt denies involvement in illicit money transfer

The Central Bank of Egypt has denied any involvement in the transfer of funds belonging to ousted president Hosni Mubarak and his family to a Swiss bank account following the political uprising in Egypt.

In a statement issued on November 12, the Central Bank of Egypt said no money was transferred since the revolution from the accounts of the former president and his family. According to a senior Egyptian justice ministry official, Mubarak's sons Alaa and Gamal have an estimated $340 million held in frozen bank accounts located in Switzerland. The central bank said the money discovered in Switzerland did not go out through the Egyptian banking system, and probably originated from foreign transactions.

The Egyptian revolution reached a climax on February 11, when Mubarak announced his resignation after 30 years in power. Following the Egyptian revolution, the central bank instructed all Egyptian banks and banks operating in Egypt not to transfer more than $100,000 abroad for individuals. It also froze all money in the hands of Mubarak and his family. Mubarak has been on trial since August 3 on charges of involvement in the killings of protesters and corruption. According to media reports, the former president's trial has been postponed until December following demands for the appointment of a new judge.