Algeria’s Financial Crime Reporting Requirements Under Scrutiny: Progress Made in Combating Money Laundering and Terrorist Financing

Algeria has made significant strides in strengthening its financial crime reporting requirements over the past few decades to combat money laundering and terrorist financing. The government has updated its criminal laws on terrorist financing and issued new guidelines for the Bank of Algeria and the Ministry of Finance’s Financial Intelligence Processing Unit (CTRF), the country’s financial intelligence unit.

Progress in AML/CFT Framework

The last Mutual Evaluation Report conducted by international authorities revealed that Algeria was deemed:

Compliant in two areas
Largely Compliant in nine out of 40 FATF Recommendations
Highly Effective in zero areas
Substantially Effective in two out of 11 areas evaluated under its anti-money laundering and combating the financing of terrorism (AML/CFT) regime

EU Global Facility on AML/CFT Support

In a move to further enhance its AML/CFT framework, the EU Global Facility on AML/CFT conducted a scoping mission to Algeria in March 2022. The exercise aimed to assess the country’s needs for technical assistance and chart a course for future action.

Technical Assistance Activities

Starting January 2023, the project rolled out technical assistance activities covering a range of topics, including:

[List specific topics]

These initiatives demonstrate Algeria’s commitment to strengthening its AML/CFT framework and reducing the risk of money laundering and terrorist financing in the country.