As Algeria intensifies its efforts to strengthen its national system for combating money laundering and financing terrorism and to expedite its exit from the gray list of the Financial Action Task Force (FATF), the National Federation of Real Estate Agencies revealed the recruitment of about 1900 accredited real estate agencies across various provinces of the country to contribute to monitoring suspicious transactions and unidentified source funds within the real estate market, considering this sector among the most susceptible to attempts to legitimize illicit funds. The federation also sounded the alarm about the expansion of the parallel market, confirming that between 80 and 90 percent of real estate transactions occur outside organized professional channels through unregulated intermediaries.
Algeria - The process of expanding the powers of public administration representatives at the one-stop shops of the Algerian Investment Promotion Agency continues, through the delegation of State Property Administration representatives to prepare and sign lease contracts for economic land, as part of simplifying administrative procedures and accelerating the realization of investment projects.
Algeria - The General Directorate of Taxes announced today, Sunday, in a statement, the extension of the deadlines for subscribing and submitting a number of tax declarations for taxpayers subject to the real profit system and the single flat-rate tax system, in order to enable them to meet their tax obligations under the best conditions.
Verification of sanctions lists and individuals and terrorist entities within a mandatory 24-hour passage through banking channels for all real estate transactions, allocating more than 20 percent of the chamber's budget to enhance oversight, inspecting all notary offices nationwide in four oversight rounds. Abdel Salam Boujmaline, Vice President of the National Chamber of Notaries, reveals in an exclusive interview with “Echorouk” the behind-the-scenes of the battle Algeria fought to exit the gray list of the Financial Action Task Force “GAFI”, and the role notaries played in achieving this accomplishment, confirming that this gain paves the way for removing Algeria from the European Union's blacklist, which would enhance investor confidence and facilitate transactions.
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