Banks, financial services, lending, and fintech developments
Gold prices fell by more than $44 in Monday's futures trading, continuing the losses that have extended from last week, while the precious metal remained at low levels in the Algerian market today.
The Bank of Algeria confirmed that the recognition by the Financial Action Task Force (GAFI/FATF) of the progress made by Algeria in combating money laundering and terrorist financing represents an important strategic gain for the national economy, reflecting the success of the reforms initiated by the public authorities in recent years. According to a publication by the Bank of Algeria on its professional page on the LinkedIn platform, which was reviewed by 'Echorouk', this international recognition consolidates the establishment of a modern, strict, and multi-sector regulatory system developed under the supervision and coordination of the Bank of Algeria, with the contribution of various relevant national bodies and institutions. View the full content on Echorouk Online.
The President of the Republic, Abdelmadjid Tebboune, sent his greetings and thanks to the Minister of Finance and the Governor of the Bank of Algeria, in particular, and to all the officials and workers in the finance sector.
The Bank of Algeria has taken a major step by publishing the official update of its collection of authorized banking products and services, a text
Economists and finance experts consider that the decision of the Financial Action Task Force “FATF” to remove Algeria from its gray list, coinciding with the inclusion of Iraq and Bosnia and Herzegovina among the countries subject to enhanced scrutiny, represents a clear international recognition of the effectiveness of the reforms initiated by Algeria to enhance financial transparency and combat money laundering and the financing of terrorism, reflecting the restoration of international confidence in its financial and economic system. This decision came during the plenary session of the group in Paris, where members unanimously approved Algeria's removal from the gray list, at a time when “FATF” decided to add Iraq and Bosnia and Herzegovina to the same list due to the need to strengthen anti-money laundering mechanisms.
The Financial Action Task Force (FATF) congratulated Algeria on the progress it has made in combating money laundering and enhancing transparency in the economic and financial sectors, confirming that the completed reforms contributed to the decision to remove the country from its grey list of jurisdictions under increased scrutiny, which was unanimously approved by the plenary session of the group held in Paris. The group confirmed that Algeria has completed the action plan outlined within the specified timelines, leading to the end of its submission to the enhanced monitoring process, following successful on-site visits to verify the implementation of the agreed commitments and reforms. Read the full content on Echourouk Online.
The President of the Republic, Mr. Abdelmadjid Tebboune, during his chairing of a Council of Ministers meeting today, Sunday, expressed his gratitude to the finance sector and the Bank of Algeria for the efforts made that enabled Algeria to exit the grey list of the Financial Action Task Force (FATF). A statement from the Council of Ministers noted that the President 'extended his greetings and thanks to the efforts of the Minister of Finance and the Governor of the Bank of Algeria in particular and all the staff and workers of the finance sector in general for enabling Algeria to exit the grey list of the Financial Action Task Force (FATF).'
Less than two years between registration with FATF and withdrawal, Ryad Ferrah, expert in banking infrastructure modernization and
Algeria - The Financial Action Task Force (FATF) congratulated Algeria on the positive progress made in combating money laundering, which led to the decision to remove the country from its 'grey list' of jurisdictions under increased scrutiny, a decision unanimously approved by the members of the plenary session of the group meeting yesterday, Friday, in Paris.
A new assessment by the FATF is expected by 2029, and transparency measures are ongoing. The declaration of suspicion continues, and a monitoring and qualification program extends until 2029. In the first direct gains from the country's exit from the FATF's gray list, foreign banks have officially lifted any reservations or strict monitoring measures they imposed on financial transfers to and from Algeria, which is expected to facilitate international financial transactions and reduce administrative burdens and additional costs that economic operators faced. Meanwhile, Algeria is preparing for a new phase aimed at maintaining this gain, by undergoing a new international assessment led by the FATF team by 2029.
The President of the Algerian Economic Renewal Council, Kamel Moulay, stated that Algeria's exit from the grey list of the Financial Action Task Force (FATF) represents an important milestone for our country and a positive signal for the national economy. Moulay said in a statement published by the council on Saturday, June 20, on social media that the decision for Algeria to leave the FATF grey list comes as a 'confirmation of the efforts made to enhance financial transparency, improve governance, and align the Algerian financial system with international standards.' Read the full content on Echourouk Online.
The President of the Algerian Economic Renewal Council, Kamal Moula, stated that Algeria's removal from the grey list of the Financial Action Task Force (FATF) represents a 'significant milestone for the country and a positive signal for the national economy.' Moula explained, in a statement to the Algerian News Agency, that this decision comes as 'a consolidation of efforts made to enhance financial transparency, improve governance, and bring the Algerian financial system closer to international standards.'