EU Parliament backs Algeria’s labeling among high-risk countries for money laundering & terror funding

The Algerian regime has been listed by the EU Parliament among high-risk countries for money laundering and terrorism financing. The move is expected to have serious economic repercussions for the country, viewed as a “rogue state”.

The European lawmakers have approved lately a European Commission resolution adding Algeria to the EU’s list of high-risk countries for money laundering and terrorism financing. This will hit hard the Algerian oil-dependent economy, leading to the defection of foreign investors, loss of international trust, a surge in inflation & unemployment and stagnation.

The ruling junta in Algeria was hit by the EU Parliament and European bloc while they were lobbying and campaigning against a legislation tabled in the U.S. Congress designating the Polisario armed militias as terror organization.

The widespread corruption, lack of transparency and accountability in Algeria have sounded security alarms over the major risks of money laundering and terrorism financing in this country controlled by the military.

The experts say that effective anti-money laundering and combating the financing of terrorism policies & measures are key to the integrity and stability of the international financial system and member countries’ economies.

Money laundering and related crimes as well as terrorist financing are crimes with negative economic effects. In an increasingly interconnected world, the harm done by these crimes is global, affecting the integrity and stability of the international financial system.

So, countries like Algeria identified as high-risk for money laundering and terrorism financing face international sanctions and increased scrutiny limiting their access to global markets and financial systems.