The Minister of Justice, Keeper of the Seals, Abderrachid Tabi, affirmed today, Tuesday, that the draft law on the Prevention and the Fight against Money Laundering and Terrorism Financing will strengthen mechanisms to protect national economy and the financial and banking system from this dangerous form of crime.
During his presentation of the draft law before the Mps of the National People’s Assembly in a public session chaired by its Speaker, Brahim Boughali, Mr. Tabi underlined that a draft law that amends and complements Law No. 05-01 related to the prevention and combating of money laundering and terrorism financing comes within the framework of “keeping national legislation in line with international developments and adapting the legal system with the treaties and agreements that Algeria has joined,” noting that “it will strengthen at the same time the mechanisms for protecting national economy and the financial and banking system from this dangerous form of crime.”
At the same time, the minister highlighted “the need for associations and non-profit organizations to adopt the rules of prudent behavior, especially refraining from accepting donations and financial aid of unknown origin or from illegal acts or from persons, organizations or structures proven to be involved inside or outside the territory of the Republic in activities related to terrorist crimes.” as well as refraining from accepting any cash sums without a license from the competent ministry.
On the other hand, the draft provides for “expanding the field of international cooperation in everything related to investigation requests, international judicial delegations, and the extradition of wanted persons, as well as between the Algerian specialized authority and the bodies of other countries that exercise similar tasks with the respect of the principle of reciprocity.”
Regarding the content of the penal provisions, Mr. Tabi said that the draft proposes “reviewing the penal provisions contained in the previous law, as it criminalizes new acts, stipulating that in the event that the commission of the predicate offense is not proven, the money laundering crime will be pursued as a predicate offence.”
It also includes several other amendments related to, in particular, the confiscation of funds even in the absence of a judgment of conviction if they constitute proceeds resulting from committing the crimes stipulated in this law and the implementation of requests issued by a foreign country aimed at confiscating funds resulting from the crimes stipulated in this law.”
It’s worth noting that the public debate on the draft law will continue tomorrow, Wednesday, in a public session, before giving way to the government representative to respond to the concerns and questions of the Mps.
