Algeria Strengthens Legal Framework Against Money Laundering and Terrorist Financing
Translated from French, summarized and contextualized by DistantNews.
TLDR
- Algeria is strengthening its legal framework to combat money laundering and terrorist financing, aligning with international standards.
- A new draft law modifies existing legislation to enhance the transparency of commercial transactions and protect the national economy.
- The reforms aim to bolster Algeria's integration into global financial systems and improve the reliability of information on legal entities and beneficial owners.
In a significant move to bolster its financial integrity and comply with international obligations, Algeria has drafted a new law aimed at combating money laundering and the financing of terrorism. This legislative initiative, presented by the Minister of Internal Trade and National Market Regulation, Amel Abdellatif, before the National People's Assembly's commission on economic affairs, seeks to bring national legislation into alignment with the stringent requirements of the Financial Action Task Force (FATF).
la transparence des transactions commerciales
The proposed law amends and supplements the existing Law No. 04-08 of August 14, 2004, concerning the conditions for conducting commercial activities. Its core objectives are to enhance the transparency of commercial transactions, improve regulatory mechanisms, and safeguard the national economy from financial malpractices. Furthermore, it aims to strengthen Algeria's integration into the global economic and financial systems, reflecting a commitment to modernization and adaptation in a rapidly evolving economic landscape.
améliorer les mécanismes de régulation
Minister Abdellatif emphasized that this reform is part of a broader national strategy to build a modern, diversified economy founded on principles of transparency, competitiveness, and efficiency. The revision of Law No. 04-08 is deemed necessary due to economic shifts and Algeria's international commitments, particularly the increasing global demand for transparency regarding legal entities and their ultimate beneficial owners. International evaluations have underscored the urgent need to fortify these mechanisms to effectively combat financial crimes.
protéger l’économie nationale contre les dérives financières
The new legislation places a strong emphasis on the transparency of information related to legal entities, including ownership structures, control mechanisms, and the identification of beneficial owners. It also ensures the regular updating and accessibility of company data. The reforms aim to empower the Commercial Registry (CRC) with greater oversight and to ensure that Algeria's financial and commercial sectors operate with a higher degree of integrity and compliance, thereby fostering greater trust and facilitating international economic cooperation.
Les évaluations internationales notamment lors des rencontres directes ont en effet mis en évidence la nécessité urgente de renforcer ces mécanismes afin de mieux lutter contre les crimes financiers
DistantNews Editorial
Originally published by El Watan in French. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.
More Stories
From Our Blog
What Gets Lost (and Found) When News Is Translated
The Critical Role of Diaspora Media in Global News
What Travellers Should Know About Countries with Restricted Press
A Digital Nomad's Guide to Following Local News
How the Same Story Looks Different in Different Countries
