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Freeze of Funds and Seizure of Property: A New Measure against Terrorism Financing

Algiers, November 4, 2020 - The President of the Court of Algiers has been granted the authority to freeze and seize funds and property suspected of being linked to terrorist financing. This new measure aims to combat money laundering and its corollary, the financing of terrorism.

Authority and Procedures

According to Article 18 bis-1, the President of the Court can authorize individuals whose funds have been frozen or seized to use a part of these funds to cover their basic needs and those of their family and dependents. However, this decision is subject to challenge before the same authority within two days of notification.

The law also stipulates that the Minister of Finance may designate the authority responsible for managing the frozen and seized funds and authorize individuals to use part of their funds to meet their basic needs.

Prevention of Money Laundering

Preventing money laundering is essential in detecting criminal activity early on, thereby preventing the financing of terrorism. Article 10 bis-3 of Law No. 15-06 requires banks, financial institutions, and financial services to apply regulations taken by the Council of Currency and Credit and guidelines provided by the Bank of Algeria.

New Mechanisms against Money Laundering

The Bank of Algeria has emphasized that the existing mechanisms are inadequate in preventing money laundering and has called for new measures to be put in place. The bank has introduced new guidelines on due diligence measures that banks must take to prevent fraud, money laundering, and terrorist financing.

Solutions to Eradicate Money Laundering

To combat this phenomenon, we suggest the following solutions:

Distributing textbooks to upper middle school students to sensitize them against money laundering.
Customs officers and border police should be vigilant against organized crimes.
At least 15 minutes of each Friday prayer should be devoted to raising citizens’ awareness about money laundering.
Encouraging training, seminars, and retraining for bank staff to educate them about this phenomenon.
Urgently restoring the credibility of checks.

Abstract

Freeze of Funds and Seizure of Property: A new measure against terrorism financing has been granted to the President of the Court of Algiers. The measure aims to combat money laundering and its corollary, the financing of terrorism. This article highlights the importance of preventing money laundering in detecting criminal activity early on and provides solutions to eradicate this phenomenon.

Underlined Terms in Arabic

تجميد الأصول (Tajmīd al-asrāl) - Freezing of Funds
إحكام الإقامة (Iḥkām al-iqāmah) - Seizure of Property
التمكين من المال (At-tamkin min al-māl) - Money Laundering
تجميد الأصول والاقتطاح (Tajmīd al-asrāl wa-al-qiṭṭāḥ) - Freeze of Funds and Seizure of Property