Substantial reforms on Algerian Processing Unit for Financial Intelligence tasks
Algerian finance ministry's headquarters.
The government incorporated sensitive and substantive amendments on the tasks and nature of the Algerian Processing Unit for Financial Intelligence after eight years of existence, in a step to activate its performance in fighting money laundryand various financial crimes. This comes as this body complains of the lack of cooperation and refusal of some parties to provide information on the owners of corrupt money and its suspicious sources.
Eight years after the creation of the Algerian Processing Unit for Financial Intelligence, the government decided to take off the dust from it and consider its nature as a key mechanism to stop before money laundry and financing terrorism, in addition to applying the principle of “from where you get this”, which was absent from the former policies in fighting corruption for years, as the cell becomes by virtue of the executive amended and supplemented decree to the decree n• 02-127, which includes the creation of a processing cell for for financial intelligence, its organisation and work as an independent financial authority. It enjoys moral personality and financial independence. While the Unit belonged to the Minister in Charge of Finance, it is decided that it becomes related to mechanisms that make it a central party that issued guidelines and instructions through contacting institutions and services which task is controlling in the framework of protection from money laundry and fighting and financing terrorism.
According to the new executive decree, the article 7 bis that grants the Unit the right to sign protocols of agreement and exchanging information with competent authorities, as it was mentioned in the article 4 of the law n• 01-05 in the part related to prevention against money laundry.