Central Bank report shed light on suspicious money transfers between Israel and Algeria
The Algerian central Bank has accused, in a classified document, the Algerian post of working off the legislations that govern the law against money laundry and terrorism financing.
- The document has revealed that the managers of the company, that counts some 12 million accounts, didn’t comply to control procedures stated in the law in a bid to check and track the amounts and origins of suspicious transfers.
- They didn’t proceed with the identification millions of clients that flock monthly to the different post offices across the country, the report added.
- Reliable sources have indicated that the Algerian bank governor has forwarded a thorough report at the end of last year to the Prime Minister Ahmed Ouyahia who has urged the company’ s managers to take immediate and appropriate measures to remedy the situation, threatening them of legal proceedings if they do not act accordingly by the end of next June.
- The Algerian Central Bank’s inspectors have asserted that the lack of both a regular update and treatment of the financial operations at the level of the post offices is regarded as a clear breach of the provisions included in the law against money laundry and terrorism financing.
- The inspectors blamed the Algerian post managers for not forwarding a single report over those issues following the example of the other financial institutions and banks across the country. The report has revealed that one manager only has benefitted from a training session in a company that counts 30 thousand employees.
- The most striking case singled out by the report concerns three bank transfers towards Algeria coming from Israel through Western Union Bank. Though the report didn’t disclose the identities of the benefactors from those transfers, it remains the transaction itself is illegal since it deals with a country with which Algeria has not diplomatic ties, and secondly there is any economic argument for such a transfer, it said.