Algeria: businessmen smuggle money under medical treatment cover

Large sums of money are smuggled by businessmen from Algeria to France, Spain and Jordan, according to investigations.

A number of businessmen have travelled for more than 15 times a year on the pretext of medical treatment, investigators found.

Echorouk has learnt that some “middle” businessmen carried out investment projects in France, Spain and some Arab countries including Tunisia and the Gulf in the last two years.

Those rich people injected considerable sums of money in hard currency to their accounts at European banks. They laundered their money by smuggling it abroad.

The investigation touched three rich people investing in real-estate in Algiers, electronic equipments and a food company. They transferred money in hard currency under the cover of getting medical care abroad. They bought real-estates in France.

Financial corruption and money laundering-related investigations are expected to touch a number of private companies and investors who travel abroad several times.