As of the second day of January 2022, the amendments to the Federal Commercial Transactions Law, which was termed the “Decriminalization of Check” law, will enter into force.
The new amendments aimed to rehabilitate the check as a tool of fulfillment, and to decriminalize it in the Penal Code, but they established specific civil alternatives to ensure the collection of the value of the check in the simplest and fastest way by making it an “executive document that is executed directly and through the execution judge without the long procedures that were in place before the new amendments.” ».
The amendments also included cases in which the Central Bank was recently keen to clarify them, and included “cases of fraud when issuing a check, such as issuing an order or requesting the bank, before the due date, not to cash the check unjustly,” that is, in cases other than those stipulated in the two articles. 620” and “625” of the law, which are the two cases of “loss of the check or bankruptcy of its bearer”, in addition to the cases of criminalization in the crimes of forgery and use of checks, closing the account or withdrawing the entire balance in it before issuing the check or before presenting it to the bank for exchange, or the account was frozen, In addition to deliberately writing or signing the check in a manner that prevents its cashing.
The Central Bank was keen to implement an awareness campaign on the new amendments before they entered into force, with the aim of informing each party of what it had and what it owed. At the forefront of the parties are banks and commercial banks operating in the country. The campaign focused on highlighting the lofty goals of the new amendments, foremost among which is “reducing the negatives revealed by the practical reality of dealing with the check in the light of the best and most successful international practices, and consolidating the principles of justice, fairness and equal opportunities by achieving a balance between the interest of the beneficiary in fulfilling his right in the fastest possible way and between The drawer’s interest is in the expiration of the criminal case against him upon payment, access to a strong national economy and a judiciary based on efficiency and quality, and raising the indicators of the rule of law and international competitiveness, which is in line with the state’s general vision and strategy.
I say: The most important party in the matter is the banks that bestowed on each account holder a bloated checkbook easily and easily without thinking about the results, which has shaken confidence in this tool, which we really hope will restore consideration by the new amendments, and purify the market from the previous negatives.