Algeria Enhances Anti-Money Laundering Efforts

Algeria has taken significant steps to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) regime. In recent years, the country’s government has revised laws and guidelines, updating key institutions’ directives to better combat financial crimes.

Update on AML/CFT Laws and Guidelines

The Algerian government has made substantial progress in revising its criminal codes related to terrorist financing. New directives have been introduced for crucial institutions such as:

• Bank of Algeria: Revised guidelines aim to improve monitoring and reporting procedures.
• Ministry of Finance’s Financial Intelligence Processing Unit (CTRF): The unit now serves as Algeria’s financial intelligence unit, enhancing its capabilities in detecting suspicious transactions.

Progress in Implementing AML/CFT Standards

A Mutual Evaluation Report conducted by global anti-money laundering authorities in 2023 highlighted significant progress made by Algeria. Key findings include:

• 11 out of 40 FATF recommendations met: Algeria demonstrated a satisfactory level of compliance and effectiveness.
• Technical assistance activities commenced: Following an assessment mission, technical assistance began focusing on key AML/CFT topics.

International Cooperation and Commitment

Algeria’s commitment to combating financial crimes is evident in its engagement with international organizations:

• EU Global Facility on AML/CFT: Algeria welcomed an assessment mission in March 2022, outlining areas for improvement.
• Technical assistance activities commenced: In January 2023, technical assistance began focusing on key topics related to AML/CFT.

These developments demonstrate Algeria’s dedication to adhering to international standards and combating financial crimes.