Financial Crime World

Algeria Makes Progress in Combating Money Laundering and Financial Crimes

A Significant Leap Forward in AML/CFT Efforts

Over the past few decades, Algeria has made significant strides in its efforts to combat money laundering and financial crimes. The country’s government has taken important steps to update its laws, including issuing new guidelines for key institutions.

Key Updates to Laws and Regulations

  • New Guidelines for Bank of Algeria: The government has issued new guidelines for the Bank of Algeria, aimed at strengthening its ability to combat money laundering and financial crimes.
  • Updated Rules for Ministry of Finance’s Financial Intelligence Processing Unit (CTRF): The CTRF serves as Algeria’s financial intelligence unit (FIU) and has been updated with new rules to enhance its effectiveness.

Compliance with International Standards

A recent Mutual Evaluation Report, completed in 2023, provided a comprehensive assessment of Algeria’s implementation of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards. The report found that Algeria was deemed compliant with two FATF recommendations and largely compliant with nine others.

Key Findings from the Mutual Evaluation Report

  • Compliant with 2 FATF Recommendations: Algeria has been deemed compliant with two FATF recommendations, indicating a strong commitment to implementing international AML/CFT standards.
  • Largely Compliant with 9 Other Recommendations: The country was found largely compliant with nine other FATF recommendations, demonstrating significant progress in addressing key AML/CFT issues.

Technical Assistance and Support

In a separate development, the EU Global Facility on AML/CFT conducted a scoping mission to Algeria in March 2022 to identify the country’s needs for technical assistance and chart a course of action. This effort marked the beginning of technical assistance activities delivered by the project, which kicked off in January 2023 and addressed several key topics.

Key Areas of Technical Assistance

  • Training and Capacity Building: The project aims to provide training and capacity-building programs for Algerian officials to enhance their skills and knowledge in AML/CFT.
  • Risk Assessment and Analysis: The initiative will focus on helping Algeria develop effective risk assessment and analysis tools to identify and mitigate potential AML/CFT risks.