Algeria declares crackdown on money-laundering in wake of EU blacklist

In response to being blacklisted as a “high-risk” country by the EU, Algeria has announced an aggressive acceleration of nationwide anti-money laundering (AML) measures on 11 June, as reported by TSA Algérie.

In wake of the European Commission aligning itself with the Paris-based financial watchdog Financial Action Task Force (FATF), Algerian authorities have been scrambling to prepare and submit a report to the FATF detailing concrete measures and projected plans to track the circulation of dirty money before the end of June 2025.

Algeria is aiming to detach itself from the FATF’s “grey list” as soon as possible, which it has found itself to be unfavourably listed on since October 2024.

This statement was proclaimed by Brinis Mohamed, in his dual capacity as the main representative of the Algerian National Chamber of Notaries as well as a board member of the National Coordination Committee.

Mr Mohamed has cited large corporations, virtual assets of the Bank of Algeria and non-profit entities as being the main targets of upcoming government measures to combat financial crime. Certain professions that have been considered “high-risk” by the FATF, such as notaries or precious metals dealers can also expect to face heightened scrutiny.

This reinvigoration of Algerian state efforts are in line with numerous regulations newly rolled out since last October, such as the prohibition of cash payments for real estate transactions, as well as yachts and new vehicles.

Algeria’s high-level commitment and collaboration with FATF has already wielded results in the past few months, demonstrating success in its agreed action plan to enhance its regime for suspicious transaction reports, to improve risk-based assessments and guidelines for high-risk sectors, as well as to implement new due diligence procedures to oversee non-profit organisational operations.

The alarming EU blacklist has certainly triggered a flurry of motion on part of Algerian authorities to increase surveillance on illicit financial activities within and across its borders.

TSA Algérie/ Maghrebi