Financial Crime World

Here is the article formatted in markdown:

Algeria’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Efforts

The Middle East and North Africa Financial Action Task Force (MENAFATF) has evaluated Algeria’s progress in implementing AML/CFT measures, highlighting both advancements and areas for improvement.

Overall Level of Effectiveness

Algeria is considered to have made significant progress in implementing AML/CFT measures. However, there are still some areas that require attention.

Risk Assessment

Algeria has not yet completed its National Risk Assessment (NRA) process. Nevertheless, the Anti-Terrorism Committee (AT) identifies the following sectors as being at high risk due to their size and diversity of services:

  • Banking sector: Its large size and diverse range of services make it a high-risk area.
  • Post sector: Its geographical spread and services provided also make it a high-risk area.

Legislative and Regulatory Developments

Algeria has adopted several laws and regulations related to AML/CFT, including:

  • Law No. 05-01 (2005) on AML/CFT
  • Decision 12-02 (2012) amending Law No. 05-01
  • Law 15-06 (2015) on combating the financing of terrorism
  • Decision 08-21 (2015) establishing a committee to designate persons and organizations on the local list of terrorists and entities

Supervisory Controls

The supervisory authorities have issued AML/CFT controls to entities subject to their supervision, including:

  • Regulation No. 12-03 (2003) by the Bank of Algeria (BOA)
  • Guidance on CDD measures by CTRF
  • Guidance on due diligence measures by the SERC

Other Measures

Algeria has implemented other measures, including:

  • Regulating the import and export of banknotes and/or BNIs in foreign currency when they are equal to or greater than 1,000 EURO.
  • Freezing and/or seizing funds of persons, groups and entities on the Consolidated List of the Sanctions Committee of the United Nations Security Council.

Conclusion

While Algeria has made progress in implementing AML/CFT measures, there are still areas for improvement, particularly in completing its NRA process and enhancing supervisory controls.