No Amendments to the Anti-Money Laundering Draft
The committee emphasised that this step comes within the context of efforts to strengthen national sovereignty and protect the financial system from the risks of cross-border financial crimes.
The draft's supplementary report, reviewed by Echorouk, revealed that the committee did not receive any new proposals or amendments from MPs regarding the content of the text, prompting it to retain the original version, which had previously been discussed in the lower house of parliament.
The draft law is expected to be put to a vote during the next plenary session, where it is anticipated to receive broad support due to its security and economic nature, particularly in light of the challenges posed by money laundering networks and their connection to illicit financing.
The committee affirms its honour in submitting its supplementary report on the draft amending and supplementing Law No. 05-01 of February 6, 2005, on the prevention and combating of money laundering and the financing of terrorism.
This report follows a series of thorough discussions in which committee members participated. According to the report, they made extensive efforts to ensure a comprehensive and balanced study that takes into account the provisions of the Constitution and Algeria's international obligations in this vital area.
The committee explained that the proposed text had not been subject to any amendments, which, according to it, reflects a consensus and satisfaction among various parties, confirming the maturity of the debate and the clarity of the legislative vision in the field of combating financial crime. In the same context, it called on the House of Representatives to vote on the draft in its original form, contributing to ensuring the protection of national sovereignty and the country's financial security.
During the discussion session, MPs previously called for the text not to remain merely a theoretical legal document, but rather to be transformed into an effective tool for practical implementation. They called for the law to be accompanied by training and awareness campaigns targeting economic operators and banking institutions, to spread legal culture and enhance awareness of new mechanisms to counter money laundering and terrorist financing.
During their previous discussions on the draft law, several MPs recommended the need to review certain provisions related to the work of associations and non-profit organisations, stressing their essential role in civil society, while ensuring a balance between legal oversight and avoiding restrictions on their activities.
The MPs also highlighted the need to simplify the procedures that require institutions to conduct repeated investigations, even for small financial transactions, as they entail bureaucracy with little effectiveness. They called for a more flexible approach that achieves objectives without excessive complexity.
In a related context, MPs called for precise definitions of the limits of information exchange with foreign entities, warning of a potential threat to the confidentiality of citizens' financial data, both domestically and internationally, if adequate safeguards are not in place.
Algeria is also working to complete all the reforms required to implement the recommendations of the Financial Action Task Force (FATF) and remove its name from the grey list, which is associated with money laundering and terrorist financing risks.
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El Chorouk
3 days ago
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Observers confirm that the new measure will automatically significantly reduce customs duties imposed on imported cars, especially those from China, whose prices are significantly lower than their European counterparts. This will open the door to a significant decline in the prices of these vehicles in the Algerian market and provide citizens with a greater opportunity to purchase cars at reasonable prices. In this context, automotive journalist Nabil Meghiref believes that while the new measures are pending confirmation and actual implementation, they are good news for Algerian citizens intending to purchase a new or used car. Nabil told Echorouk that the new measure allows for a review of the effects of customs duties on cars imported from all countries around the world. However, the real benefits accrue to cars coming from China, given their very low prices compared to their European counterparts, despite bearing the same international brands. Meghrif explained that most international companies have factories in China that produce the same models intended for the European market, but at much lower prices, which will directly impact the purchasing power of Algerian citizens. 'The measure was adopted by competent bodies of the Algerian state and is part of a well-thought-out economic approach aimed at relieving pressure on citizens without affecting the public treasury. Imports, whether direct or individual, are a temporary solution until manufacturing projects are implemented,' he added. Meghiref asserted that 'according to a study we conducted, the price of a car when imported from China, after taking into account all transportation costs and fees, arrives at the port of Algiers at a price almost identical to that offered by dealers, or perhaps even lower. This is a positive indicator of the effectiveness of the new mechanism.' Citing a concrete example of the Skoda Karoq, which was previously subject to customs duties of up to DZD 66774337.40 (180 million centimes) as a new vehicle. Under the new mechanism, the duty has now been reduced to only DZD 40064602,44 (108 million centimes), representing a reduction of DZD 26709734,96 (approximately 72 centimes). If the used car is less than three years old, the customs duty reduction is estimated at DZD 14838741,65 (40 million centimes) compared to the previous value. These figures confirm the extent of the anticipated improvement in the car market. Maghiref also emphasised that car prices in China are very reasonable, noting that the Skoda Karoq, for example, is sold for €22,000 in Europe, while the same model manufactured in China costs no more than $14,000. This represents a significant difference that benefits Algerian consumers. The spokesman concluded by confirming that this measure will open the door to sorting between serious and non-serious dealers, adding that 'the process will filter the market and give preference to credible dealers, especially those looking to import world-class cars from China, whether local or international brands manufactured there.' For his part, economic and financial expert Nabil Djemaa confirmed to Echorouk that reviewing the mechanism for calculating customs duties based on the importing country's invoices, rather than the European reference prices, is a positive step toward greater flexibility in customs transactions and contributes to alleviating the financial burden on citizens, especially those wishing to import cars at reasonable prices. Djemaa explained that this decision is consistent with previous statements by the President of the Republic, Abdelmadjid Tebboune, who reiterated that 'the citizen is a red line,' making these measures a practical extension of the state's vision to support purchasing power. He added that the expected reductions in customs duties will enable a wide range of citizens to purchase used cars at lower costs, especially those coming from countries with lower prices, such as China, the Middle East, and the United States. While welcoming the measure, the economic expert stressed the need for customs authorities to be vigilant to avoid any potential manipulation of invoices or inflated discount rates. He recalled that the success of this step depends on strict oversight and close monitoring of the invoices declared upon import. Djemaa pointed out that adopting original invoices from the importing country will enhance supply diversity and curb inflated prices in the local market. 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El Chorouk
4 days ago
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No Amendments to the Anti-Money Laundering Draft
The Legal Affairs and Freedoms Committee of the National People's Assembly called on the lower house of parliament to vote on the draft on the prevention of money laundering and terrorist financing in its original form, as presented by the government, without any amendments. The committee emphasised that this step comes within the context of efforts to strengthen national sovereignty and protect the financial system from the risks of cross-border financial crimes. The draft's supplementary report, reviewed by Echorouk, revealed that the committee did not receive any new proposals or amendments from MPs regarding the content of the text, prompting it to retain the original version, which had previously been discussed in the lower house of parliament. The draft law is expected to be put to a vote during the next plenary session, where it is anticipated to receive broad support due to its security and economic nature, particularly in light of the challenges posed by money laundering networks and their connection to illicit financing. The committee affirms its honour in submitting its supplementary report on the draft amending and supplementing Law No. 05-01 of February 6, 2005, on the prevention and combating of money laundering and the financing of terrorism. This report follows a series of thorough discussions in which committee members participated. According to the report, they made extensive efforts to ensure a comprehensive and balanced study that takes into account the provisions of the Constitution and Algeria's international obligations in this vital area. The committee explained that the proposed text had not been subject to any amendments, which, according to it, reflects a consensus and satisfaction among various parties, confirming the maturity of the debate and the clarity of the legislative vision in the field of combating financial crime. In the same context, it called on the House of Representatives to vote on the draft in its original form, contributing to ensuring the protection of national sovereignty and the country's financial security. During the discussion session, MPs previously called for the text not to remain merely a theoretical legal document, but rather to be transformed into an effective tool for practical implementation. They called for the law to be accompanied by training and awareness campaigns targeting economic operators and banking institutions, to spread legal culture and enhance awareness of new mechanisms to counter money laundering and terrorist financing. During their previous discussions on the draft law, several MPs recommended the need to review certain provisions related to the work of associations and non-profit organisations, stressing their essential role in civil society, while ensuring a balance between legal oversight and avoiding restrictions on their activities. The MPs also highlighted the need to simplify the procedures that require institutions to conduct repeated investigations, even for small financial transactions, as they entail bureaucracy with little effectiveness. They called for a more flexible approach that achieves objectives without excessive complexity. In a related context, MPs called for precise definitions of the limits of information exchange with foreign entities, warning of a potential threat to the confidentiality of citizens' financial data, both domestically and internationally, if adequate safeguards are not in place. Algeria is also working to complete all the reforms required to implement the recommendations of the Financial Action Task Force (FATF) and remove its name from the grey list, which is associated with money laundering and terrorist financing risks.
El Chorouk
09-07-2025
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More French Funds and Compensation For Harkis and Their Families
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