French and Algerian security authorities probe on illegal transfer of money to France and Spain

Joining efforts with their French counterparts, the Algerian security forces are investigating over a large- scale smuggling of foreign currencies following intelligence that criminals have funnelled some 200 million Euros illegally toward France and Spain over the year 2011, sources revealed to Echourouk.

• The same sources have indicated that the French and Algerian security forces suspect a network involving smugglers, Al – Qaeda members and money launderers operating between France, Spain and Algeria.

• Reliable sources reveal that the smuggled money that reached Europe from the Algerian capital city and the province of Oran, western Algeria, was reinvested in real estate projects.

• Many Algerians have acquired property holdings in Paris and Marseille, southern France, prompting the French security authorities to react and started collecting intelligence over the identity and financing sources.

• First elements of the inquiry revealed that some 200 million Euros were transferred for the acquisition of real estate properties in France and Spain and part of this huge sum of money were deposited in French and Spanish banks through illegal practices.