Wednesday, 21 January 2015

Fight Against Terrorism Financing, Money Laundering - Adapting National Legislation to International Standards

Algiers — The new bill on the fight against money laundering and terrorism financing, presented Tueday to the People's National Assembly (Lower House)'s Committee for Legal Affairs is meant to adapting the relating national law to the enforced international standards.

So, the proposed bill tends to modify the law n°05-01 by the "definition of the crime of terrorism financing in line with the international standards as well as the reinforcement of the mechanism of the freezing or the seizure of funds belonging to the terrorists, notably by adding new clauses on the freeze of assets, under the international financial sanctions as part of UN Security Council Resolutions 1267 and 1373."
President Abdelaziz Bouteflika
Besides, the bill proposes "the establishment of a legal framework based on the guidelines dictated by the Bank of Algeria in terms of the fight against money laundering and terrorist financing in relation to the institutions financial under its authority" and also a legal framework based on the financing intelligence treatment unit's guidelines in terms of money laundering and terrorism financing for the institutions which are not under Bank of Algeria's authority."

The bill recalls that "Algeria, like most countries, has adopted legislation on the fight against money laundering and the financing of terrorism and set up operational structures to combat money laundering generated by criminal activities."

However, this legislation "requires constant updating in the light of the national and international context and the evolution of transnational crime."

Indeed, the government's action plan for the setting up of President Abdelaziz Bouteflika's programme, adopted in May 2014, provided for the "adaptation of the national legislation with the international standards in terms of the fight against money laundering and terrorism financing."
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