Algeria has adopted a new law on the fight against money laundering and the financing of terrorism. This law was published in the Official Journal on Sunday 27 July.

Algeria's new law states that any non-profit organization that collects, receives, grants, or transfers funds in the course of its activity is subject to “appropriate supervision by the competent regulatory, control, and/or supervisory authority. In addition, NGOs must “refrain from receiving any donations or subsidies whose origin is unknown or from illegal acts.” In case of non-compliance with this law, the presidents and members of the executive bodies of non-profit organizations are “punished with imprisonment from six months to two years and a fine of 500,000 DA to 2,000,000 DA or one of these two penalties. ”.

Also, article 6 of the new money laundering law prohibits the issuance, purchase, sale, use of “virtual assets or to hold, trade in, trade in, promote them, or create or operate 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; as an investment instrument.” This ban includes activities related to “cryptocurrency mining”, the text states. In case of violation of the provisions of this article, the law provides for “imprisonment from two months to one year and a fine of 200,000 DA to 1,000,000 DA or one of these two penalties. ”.

The law provides for the freezing of assets and the seizure of funds of persons included in the national list of terrorist persons and entities.

According to the same law whose adoption occurs in the context of the implementation of the recommendations of the Financial Action Task Force (FATF), the freezing and/or seizure of funds of terrorist persons and entities taken in accordance with the relevant Security Council resolutions is “carried out immediately, without delay” ; unannounced and without notice, by those responsible for execution.”