Investigators question 1,300 new-riches in Algeria

There are more than 1,300 new-riches in Algeria whose wealth’s sources are unknown, according to the Cell of Treatment and General Financial Information of the Algerian Finance Ministry.

Justice has started investigating in 150 money laundry-related cases in which dozens of building contractors and traders are accused of tax evasion. These investigations come within the new law on the fight against money laundry which has recently been approved by the Parliament.

Most of the new-riches are building contractors, businessmen, importers and fake products traders especially in eastern and western Algeria.

The General Department of Taxes have started summoning dozens of those new-riches to question them about tax evasion and how they could collect hug sums of money in a short time, Echorouk has learnt.

Investigators are also allowed to check their banking accounts to determine their wealth’s volume.

The investigators will be based on lists of traders, importers and manufacturers which are registered at customs department and the commercial register.

According to the same sources, a number of the new-riches have preferred to take their investments to Europe or the Arab Gulf by buying luxury houses, shops and restaurants.

Latest figures released by the Tax General Department show that 10,324 import companies’ owners in Algeria are known for tax evasion. They are now so specialised in the informal business that they represent 40 percent of the national commercial activity.