In the fight against money laundering and terrorist financing, Algeria continues to adapt its legislation to comply with the recommendations of the Financial Action Task Force (FATF). A bill is being drawn up defining new concepts related to the evolution of the phenomenon.

The bill amends and supplements the Money Laundering Prevention and Combating Money Laundering Act of 2005. The text defines new concepts related to the evolution of the phenomenon, sets out the procedures for combating and preventing them and specifies the sanctions incurred by offenders. The new bill is part of “the continued adaptation of our normative framework to our country's international obligations, in particular with the recommendations of GAFI ”, in a context of proliferation. of this offense and of the emergence of new money-laundering techniques, explains the Government in the explanatory memorandum. This text contains provisions that tighten the sanctions provided for, in particular, for legal persons, criminalizes new acts and introduces the obligation to declare beneficial owners

Among the flagship measures contained in the text, it is noted the ban “on issuing, buying, selling, using virtual assets and on holding, trading in, trading in, promoting them or creating or operating platforms for the exchange of these assets that constitute goods, products, funds or other assets, or any other equivalent value, as a means of payment or recognized currency or as an investment instrument.”

In terms of sanctions, the bill postulates that, in the event of a violation of the provisions of this law, and without prejudice to possible criminal proceedings, regulatory, supervisory or supervisory authorities may impose on non-profit organizations, banks, banks, their directors or employees, several sanctions, including warning, blame, prohibition of the exercise of certain transactions, the temporary suspension of managers or employees, the cessation of the functions of one or more of these persons, the suspension or withdrawal of approval.