Anti-Money Laundering Measures in the Algerian Banking System: Legal Research Report

Abstract

Anti-money laundering measures, which are implemented in multiple, complex, traditional, and innovative ways, aim to combat and prevent disguising illegal proceeds and turning them into assets and property that appear legitimate. The competent Algerian institutions, as in other countries, have been keen to combat money laundering through preventive and control measures required by the legal framework in line with relevant international standards, and to abide by all instructions necessary to implement the provisions of the relevant laws. This is in addition to putting in place practical mechanisms for monitoring and control, including the establishment of national bodies specialized in combating this crime, with the aim of enhancing the safety and stability of the banking system.
This paper reviews the laws and procedures for confronting the crime of money laundering in the Algerian banking system. It recommends working on collecting legal texts related to the prevention and control of money laundering and placing them in one legal text and accelerating the efforts of the authorities responsible for the financial and banking system in Algeria towards catching up with renewed technical development. It also recommends preparing a national strategy to assess and reduce the risks of money laundering and terrorist financing.