Finance Minister Laaziz Faid Leads Key Meeting on National Strategy Against Money Laundering, Terrorism Financing

✏️ BY: Dr. Hana Saada

Algiers, Algeria | August 26th, 2024 — Algerian Minister of Finance Laaziz Faid chaired an important session of the National Commission for Risk Evaluation of Money Laundering, Terrorism Financing, and the Proliferation of Weapons of Mass Destruction on Sunday. The meeting, held at the Ministry’s headquarters, underscored the strategic importance of reinforcing national capacities and modernizing legal frameworks to tackle these escalating global threats, according to a statement from the Ministry of Finance.

In his opening remarks, Faid emphasized the urgency of sustaining efforts in combating money laundering and the financing of terrorism, particularly in light of current international challenges. He highlighted the need for continuous strengthening of national capabilities, along with the modernization of legal and regulatory instruments, to effectively contain these threats. The session also included the presence of the Secretary-General of the Ministry of National Defense, who, as Vice-President of the Commission, echoed the importance of these initiatives in safeguarding national security.

The meeting marked the sixth such gathering in 2024, part of a regular series of periodic and extraordinary meetings aimed at closely monitoring the progress of specialized working groups within the National Commission. Faid confirmed that these meetings will continue monthly for the rest of the year, ensuring enhanced coordination and the successful achievement of the Commission’s objectives.

Faid acknowledged the progress made by the National Coordination Commission in completing the reporting requirements within the specified deadlines, particularly in collaboration with the Financial Action Task Force (FATF). This success, he noted, underscores Algeria’s commitment to international standards in combating financial crime.

During the session, two key presentations were delivered: the first detailed the ongoing work of the National Coordination Commission in implementing the recommended actions to align Algeria’s prevention and enforcement systems with the latest international standards. The second report focused on the complementary evaluation of terrorism financing risks, outlining a comprehensive national strategy for prevention and combating these threats.

As part of the Commission’s efforts, preparations for the upcoming meeting with the FATF were also discussed, reflecting Algeria’s determination to strengthen its international partnerships in the fight against financial crime.

The Ministry of Finance confirmed that a summary of the national partial report on money laundering risks and the national strategy for combating money laundering has been distributed to all relevant authorities. This dissemination aims to equip all competent bodies with the necessary preventive and deterrent measures, fostering a unified approach to tackling the multifaceted risks of money laundering.

Furthermore, the executive summary of the national report’s findings has been published on the official website of the Financial Intelligence Unit, demonstrating Algeria’s commitment to transparency and international cooperation.

Concluding the session, Minister Faid called for heightened cooperation and coordination between all involved authorities to ensure the effective execution of the adopted national plan. He emphasized the importance of continued diligence in achieving Algeria’s national objectives in combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

Faid also highlighted that Algeria’s ongoing efforts will reinforce its standing on the international stage as a nation committed to fighting financial crimes in all forms, especially those related to money laundering and terrorism financing. These efforts, he affirmed, are crucial in preserving both national security and international credibility.

This meeting represents a crucial step in Algeria’s ongoing fight against financial crime, as the country seeks to enhance its legal and institutional frameworks to meet evolving global threats.

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