MPs Warn of the Draft on Money Laundering

During the session discussing the draft law on the prevention of money laundering and the financing of terrorism, members of the Algerian National People’s Assembly unanimously agreed that the preventive measures included in the new text should not become bureaucratic restrictions that hinder the activity of banks and financial institutions, which still require profound reforms and comprehensive digitization to accelerate their performance and enhance their effectiveness.

The MPs considered that combating the risks of money laundering cannot be completed without a comprehensive approach to the black foreign currency market, particularly the “Square” market, which is the most prominent parallel foreign currency market in the country.

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