Minister Laaziz Faid Calls for Strengthened Efforts to Enhance Financial Intelligence Processing Unit’s Capabilities in Combating Money Laundering, Terrorism Financing

✏️ BY: Dr. Hana Saada

Algiers, Algeria | September 27th, 2024 — Laaziz Faid, Minister of Finance, has called for reinforcing the capabilities of Algeria’s Financial Intelligence Processing Unit (CTRF) to better combat the mounting challenges of money laundering and terrorism financing. His appeal came during a high-level meeting of the national committee responsible for assessing risks linked to financial crimes, held at the Ministry of Finance headquarters on Thursday, according to an official statement from the Ministry.

In his address, Faid underscored the urgent need to enhance the technical and professional skills of CTRF employees, advocating for the implementation of targeted, specialized training programs. These initiatives are intended to equip the workforce with the necessary expertise to confront evolving threats in the field of financial crime. He also emphasized the importance of sustained collaboration with international experts to draw upon global best practices and strengthen Algeria’s defense mechanisms in combating these illicit activities.

The Minister further reiterated the critical role of intensified efforts and reinforced cooperation to ensure the effectiveness of Algeria’s national strategy in combating money laundering and terrorism financing. He issued directives for the organization of future CTRF meetings aimed at risk assessment and the achievement of objectives set forth in the action plan developed in collaboration with the Financial Action Task Force (FATF).

During the meeting, Faid acknowledged the significant progress made by the national commission, but also called for heightened vigilance and continued efforts to meet Algeria’s international commitments. A detailed presentation followed, highlighting the expertise and insights gained through interactions with the FATF, while also outlining a proposed roadmap to bolster Algeria’s preventative strategies in addressing money laundering and terrorism financing risks. This roadmap is expected to serve as a foundational tool in further strengthening the nation’s capabilities in mitigating these growing global threats.

 

 

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