15-07-2025
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.
