Regulatory Alerts2012-01-01
Ordinance No. 12-02 of February 13, 2012, Amending and Completing Law No. 05-01 on the Prevention and Fight Against Money Laundering and Terrorism Financing
The President of the People's Democratic Republic of Algeria issued Ordinance No. 12-02 to amend and complete Law No. 05-01 regarding the prevention and fight against money laundering and terrorism financing. The ordinance expands the legal definitions of money laundering and terrorism financing, broadens the scope of regulated entities to include non-financial professions, and establishes the Financial Intelligence Unit as an independent administrative authority. It further mandates enhanced due diligence for politically exposed persons, strengthens internal control and reporting obligations for regulated entities, and introduces measures for the freezing and seizure of assets linked to terrorism.
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