Fayed chairs the regular meeting of the National Committee to Assess the Risks of Money Laundering and Terrorist Financing – Algerian Dialogue

The Minister of Finance, Laziz Fayed, chaired the meeting of the regular session of the National Committee to assess the risks of money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction, according to a ministry statement yesterday.

This meeting, which took place at the headquarters of the Ministry of Finance in the presence of the Secretary-General of the Ministry of National Defence, in his capacity as Vice-Chairman of the Committee and a number of its members, dealt with studying the various points on the agenda, especially presenting the work plan of the National Coordination Committee charged with managing the file of modernizing the national system for combating money laundering and financing the spread of money. Weapons of mass destruction of the Financial Action Task Force, as well as the progress of work related to preparing the national report on risks in the framework of combating money laundering and financing the proliferation of weapons of mass destruction.

During his intervention, the Minister stressed the important nature of this meeting, stressing the need for this national committee to take care of the problem of modernizing the national system to combat money laundering in terms of its conformity with international texts and standards, while ensuring the effectiveness of the measures taken in this framework.

The statement indicated that “this problem is in addition to the basic tasks of the National Committee, which are studying and preparing the national risk assessment report.”

On the other hand, Mr. Fayed called on the participants to “intensify and coordinate efforts to defend the country’s position vis-à-vis the competent international bodies, with regard to evaluating the measures taken to improve the conformity of the national system and enhance its effectiveness,” according to the same statement.

The meeting included a presentation of the work plan of the National Coordination Committee and other presentations on the progress of work related to the national risk assessment process, as well as proposals to accelerate the preparation of the national risk assessment report and adapt the national system to international standards as determined by the Financial Action Task Force.

For his part, the representative of the Financial Information Processing Cell presented his body’s work plan related to enhanced updating procedures with the Financial Action Task Force, highlighting the remarkable progress that has been achieved.

In order to ensure the efficiency aspect that is based on coordination, a study day will be organized on the fifth of June for the benefit of the sectoral working group in charge of the national risk assessment.

On the other hand, the head of the National Risk Assessment Project gave a detailed presentation on the progress of preparation of the national report on risks.

He also touched on the activities that have been completed and remaining, highlighting the collection and analysis of data, identifying actors, assessing fragility and threats, and studying current policies and practices related to combating money laundering and terrorist financing.

In this context, a set of recommendations were presented to strengthen and enrich the legislative framework, especially through draft laws on insurance and associations.

The attendees also highlighted the need for coordination between various relevant institutions and bodies that seek to enhance understanding of the risks of money laundering and terrorist financing, as required by best practices at the international level.

At the conclusion of the meeting, the Minister renewed to those present his permanent support for them and his commitment to accompany them in carrying out their duties, according to the same source.