Opening of branch of unlicensed foreign bank: Criminal network dismantled

By: Hana Saada

ALGIERS– The Central Service for the fight against organized crime, under the General Directorate of National Security (DGSN), dismantled, last weekend, a criminal group which “clandestinely” opened a branch of a foreign bank not approved in Algeria, said, Saturday, a press release from the National Security services, according to the official agency.

The criminal network “clandestinely opened an unlicensed branch of a foreign bank in Algeria with headquarters in Lithuania,” added the same source.

The operation took place “after a year of in-depth investigations, especially since the elements of the network were presented, last weekend, before the public prosecutor at the economic and financial center of the tribunal of Sidi M’hamed of Algiers,’ the statement read.

The defendants are being prosecuted for “violation of the legislation and regulations governing the exchange and movement of capital from and to abroad and failure to obtain prior authorizations required by the public authorities”, concluded the press release.