Signs of hovering diplomatic crisis between Algeria and Saudi Arabia

Algerian state and Foreign affairs Minister Ramtane Lamamra has turned down Saudi Arabia’s accusations that Algeria is “lax in combating money laundering and financing terrorist groups” saying “it’s a storm in a teacup, with no basis”, highlighting in this connection that Algeria has been “updating” its laws and regulations in the sustained fight against money laundering and the financing of terrorist groups.

Mr Lamamra firmly replied to these accusations without mentioning however the country Saudi Arabia, stressing that “what’s been reported in some media outlets about the pseudo failure of the Algerian competent bodies and institutions to prevent money laundering and terrorism financing, are much ado about nothing and are groundless.

He said in reply to a journalist’s question on the subject, that “technically, the International community had issued bulletins, and recommended that world banking and monetary institutions ought to be cautious in dealing with a number of States which had not yet updated their laws on the matter”, highlighting that “Algeria had done so through the enrichment and development of mechanisms to oversee the implementation of the relevant laws.”

The newspaper “Makkah” of Saudi Arabia, quoted Monday Saudi foreign ministry sources as enjoining the local authorities to take caution in financial dealings with 11 Arab countries and regional and foreign ones, for “fear of getting caught in suspicious operations related to money laundering or terrorism financing”, among these targeted countries Algeria was explicitly cited.

The other countries classified as such also include in addition to Algeria, Myanmar (Burma), Ecuador, Pakistan, Indonesia, Ethiopia, Syria, Turkey,  Yemen, as well as Iran and North Korea .

Earlier, the Algerian foreign affairs ministry spokesman told the APS news agency that “some media outlets have been mired in a lot the exaggeration and inaccuracy, but sometimes in sheer fallacy by distorting the genuine will of the Algerian competent bodies and institutions to stamp out money laundering and terrorism financing.”