Today, Thursday, the Minister of Justice, Keeper of the Seals, Abd al-Rashid Tabib presented the draft law related to the prevention and combating of money laundering and terrorist financing before the National Assembly’s Legal and Administrative Affairs Committee.
During this presentation, which took place in the presence of the Minister of Relations with Parliament, Basma Azwar, Tabib stated that the draft law amending and supplementing Law No. 05-01 of February 6, 2005 related to the prevention and combating of money laundering and terrorist financing comes within the framework of “keeping national legislation in line with international developments and adapting the legal system in accordance with the treaties and agreements to which Algeria has acceded”, and at the same time it constitutes “a mechanism to protect the national economy and the financial and banking system from this dangerous form of criminality.”
He stated that this draft comes “complementary to the provisions stipulated in the draft law amending and supplementing the Penal Code submitted for study at the level of the General Secretariat of the Government, which stipulates that financing the proliferation of weapons of mass destruction is considered a terrorist act and defines the penalties applicable to it in line with Algeria’s international obligations.”
The draft law includes, the minister added, “five basic axes, some of which relate to reviewing a number of terminologies to be more precise and defining the duties of those involved in the process of preventing and combating money laundering and financing of terrorism and the proliferation of weapons of mass destruction.”
The draft also includes “administrative penalties imposed on financial institutions and non-financial institutions and professions, such as lawyers, notaries, judicial bailiffs, auctioneers, accounting experts, or their managers or assistants, in case they violate the duties imposed on them, and obliges them to inform the specialized authority of every suspicious transaction.”
With regard to associations and non-profit organizations, the draft law stipulates “the need to adopt the rules of prudent behavior, in particular refraining from accepting donations or financial aid of unknown origin or from illegal actions or from persons, organizations or structures that prove their involvement inside or outside the territory of the Republic in its activities.” In connection with terrorist crimes, as well as refraining from accepting any cash sums without a license from the Ministry.
In addition, the proposed criminal provisions in this draft include that “in the event that the commission of the predicate offense is not proven, the money laundering offense will be followed up as a predicate offence, as well as other amendments related to the confiscation of funds, even in the absence of a judgment of conviction.”
For reference, this legal text was recently approved by the National People’s Assembly deputies.
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