Algeria: taxes, customs-related confidential reports on corruption and money laundry

Algerian government has obliged taxes department and customs to cooperate with financial information cell within endeavours meant for fighting suspicious money.

• In a new ordinance signed by Algerian Finance Minister Karim Djoudi, the government stressed the role of taxes department and customs in the fight against money laundry and terrorism supply.
• This obligation stipulates that the financial information cell is in charge of notifying jurisdictions of any suspicious financial transaction.
• The ordinance suggests making a confidential report on money and deals movements likely to come from crimes or be used to fund criminal acts.
• The same ordinance includes stringent control on registered rights and taxes as well as follows up of acquired real-estate properties and concession.  
• The ordinance makes taxes department responsible for following up custom procedure from the beginning till the end. It must be sure of the credibility of documents attached to registration at customs.
• Breaches are noted in a confidential report transmitted by a competent agent or communication officer to the financial information cell. It can ask the taxes department and customs at any time to hand over any document or additional information deemed necessary to notify jurisdictions of following up the concerned case.
• Finance ministry proceeded to this step after noticing a limited role of banks in this regard. Biggest money laundry operations avoid passing by banking channels.
• General Director of customs, Mohamed Bouderbala said money laundry in Algeria is increasing and complicating.
• He called for having more control on the situation and protecting more Algeria’s economy.
• President of the financial information cell, Abdelmajid Amghar believed that people dealing with money laundry have recently been based on speculation in real-estate to cleanse their dirty money.
• According to him, money laundry entered other non-banking sectors of paramount seriousness. The last ordinance tried to handle this phenomenon by involving taxes and customs department.
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