Regulatory Alerts2023-01-01
Law No. 23-01 Modifying and Complementing Law No. 05-01 on the Prevention and Fight Against Money Laundering and Terrorist Financing
The President of the Republic of Algeria promulgated Law No. 23-01 to amend and supplement the existing legal framework for combating money laundering and terrorist financing. The legislation introduces a risk-based approach, mandates the creation of a public register of beneficial owners, and imposes stricter due diligence and reporting obligations on financial institutions and designated non-financial businesses and professions. It also establishes enhanced supervisory powers for regulatory authorities and specific compliance requirements for non-profit organizations to prevent the misuse of funds.
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