Algeria Enhances AML and CTF Regulations to Combat Financial Crimes

In a major move towards strengthening its financial system, Algeria has revised its laws on money laundering and terrorist financing. This revision aims to improve the country’s ability to combat financial crimes and enhance its reputation as a global player in the fight against terrorism.

Progress Towards AML/CFT Compliance

A recent report by the Financial Action Task Force (FATF) highlighted Algeria’s significant progress in implementing Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards. The country scored as:

Compliant on 2 out of 40 Recommendations
Largely Compliant on 9
Highly Effective or Substantially Effective in two areas of Effectiveness

Technical Assistance and Support

In January 2023, technical assistance activities began following a scoping mission by the EU Global Facility on AML/CFT in March 2022. The project focuses on key areas that require improvement, aiming to support Algeria’s efforts in combating financial crimes.

Key Areas of Focus

Strengthening the Bank of Algeria and the Ministry of Finance’s Financial Intelligence Processing Unit (CTRF)
Enhancing guidelines for reporting suspicious transactions
Improving risk assessment and mitigation measures
Increasing public awareness on AML/CFT risks

Expected Outcomes

Algeria is expected to further enhance its AML/CFT regulations, contributing to a more robust financial system. Experts believe that this move will not only strengthen the country’s financial sector but also contribute to regional and international efforts against money laundering and terrorist financing.

Conclusion

With ongoing technical assistance and support from global organizations, Algeria is poised to make significant strides in combating financial crimes. This enhanced regulatory framework will undoubtedly strengthen the country’s reputation as a leader in the fight against terrorism and money laundering.