ALGIERS – Algerian Minister of Justice, Keeper of the Seals, Lotfi Boudjemaa, affirmed that the amendment of the law related to money-laundering and the financing of terrorism was part of Algeria’s international commitments in this field.
In response to concerns expressed by members of the People’s National Assembly (APN) following the debate on the draft law relating to the prevention and fight against money laundering and the financing of terrorism, Boudjemaa said on Sunday that this text “aims to adapt national legislation to international standards, notably the recommendations of the Financial Action Task Force (FATF), by integrating measures that allow the lifting of reservations issued by the latter, in accordance with the instructions of President of the Republic, Abdelmadjid Tebboune.”
The minister said that the fight against this type of crime requires constant revision of legislation to protect national economy and financial institutions against risks related to money laundering and the financing of terrorism, assuring that the fight against corruption crimes will continue “with rigor.”
Regarding the activity of associations and non-profit organizations, the minister affirmed that this draft law “does not aim to restrict charitable activities, but to control certain traders who resort to money laundering,” recalling in this regard that “the Ministry of the Interior is the authority responsible for controlling and supervising all associations and non-profit organizations.”
In terms of prevention against money laundering, the minister highlighted the role of notaries in fulfilling Algeria’s commitments, explaining that they are the ones who draw up official deeds related to transactions, particularly in the real estate sector.
