Algeria Strengthens Fight Against Money Laundering, Terrorism Financing
ALGIERS – Algeria, which has a proactive cooperation with the Financial Action Task Force (FATF), continues its efforts to strengthen its fight against money laundering and terrorism financing, through several measures that have been implemented.
Following its plenary meeting in Paris on October 25, the FATF updated its list of “jurisdictions under increased monitoring.” According to the organization’s public statement, four new countries were added to the list, namely: Algeria, Angola, Ivory Coast, and Lebanon, bringing the total number of countries on this list to 24.
The FATF’s president emphasized that “the listing process is not meant to be punitive. Rather, it aims to guide countries toward improvement. All these countries have actively worked with their respective regional bodies and the FATF to develop an action plan”.
In fact, the group does not advocate for enhanced due diligence measures against these jurisdictions, but rather promotes a risk-based management approach instead of a risk avoidance strategy (de-risking).
Algeria has already made significant progress and maintains proactive cooperation with the FATF, as part of a dynamic of continuous improvement of its framework for combating money laundering and terrorist financing, marked by the adoption of a detailed action plan.
Furthermore, the FATF acknowledges and commends Algeria’s efforts since the adoption of its Mutual Evaluation Report (MER) in May 2023, noting the effective implementation of recommended actions, which have been substantially reduced, particularly through improvements in the conduct of money laundering investigations and prosecutions.
