Algeria tightens money laundering and currency repatriation rules

Algeria is implementing stricter financial regulations aimed at combating money laundering and tightening control over foreign currency. Under new rules from the National Accounting Council, accounting professionals, including chartered accountants and auditors, are now legally obligated to report suspicious transactions to the financial intelligence processing unit. These professionals are strictly prohibited from informing clients that they are under suspicion.

Furthermore, accountants must now identify the “beneficial owner” of companies to prevent the use of opaque legal structures to hide the true origin of funds. This measure follows Algeria's removal from the FATF grey list.

In a separate regulatory move, the Bank of Algeria has introduced new rules regarding the repatriation of foreign currency from non-hydrocarbon exports. Under Regulation No. 26-02, exporters must now repatriate proceeds within a maximum of 120 days from the date of shipment or service realization. If a payment term exceeds 120 days but remains within a 180-day limit, the transaction must be backed by export credit insurance from a national authorized body.