Algeria Finance Ministry announced the creation of a vigilance committee to monitor and control financial transactions to foreign countries amid increasing doubts about suspicious transfers of money of parties that belong to the regime of the resigning President Abdelaziz Bouteflika.
“In order to enhance vigilance in the field of financial transactions with foreign countries, a committee was set up to monitor and control the transfer of funds to foreign countries”, APS said quoting the ministry’s statement.
According to the same statement, “This committee consists of senior officials of the Finance Ministry, representatives of the Bank of Algeria, and representatives of the banking system (Association of Banks and Financial Institutions).”
“The task of this committee is to verify that the transfer of funds in foreign currency by banks, as an authorized intermediary, that is carried out in strict respect of the regulation of disbursement that is approved by the Bank of Algeria”.
“These operations are classified into three categories: the first relates to the settlement of imports of goods and services in accordance with the legislation and regulation in force in the field of foreign trade and exchange, while the second category concerns the transfers within the framework of investments abroad by a trader resident in Algeria and can not complete the transaction except after obtaining a license from the Monetary and Loan Board”.
“The third category relates to the transfer of profits deriving from direct investments in Algeria. These transfers are carried out in accordance with the legal and regulatory provisions on the basis of a file that is formed in strict respect of the regulation that is related to the disbursement in this area”.
With regard to the transfer of funds in cash, which relates to the physical export of banknotes, this process is strictly framed by the existing regulation and it is strictly controlled at the level of border posts by the competent authorities.