Algeria – Finance Minister Laaziz Fayed affirmed that 2025 will be a pivotal year in deepening economic reforms and bolstering stability, according to a statement from the Ministry of Finance issued on Friday.
During a meeting of the National Committee for Assessing Risks of Money Laundering, Terrorism Financing, and the Proliferation of Weapons of Mass Destruction, held Thursday at the Ministry of Finance, the minister emphasized that 2025 will focus on expanding the tax base. This effort aims to address critical risks tied to the size of the informal economy and reliance on cash transactions.
The minister stressed the importance of maintaining the momentum of the National Coordination Committee’s efforts, asserting that the challenges at hand demand consistent and unwavering dedication.
Key Meeting Outcomes
The meeting agenda aligned with established priorities, including:
- Proposing complementary measures to mitigate risks of money laundering and terrorism financing for approval by the national committee.
- Discussing the progress of the National Coordination Committee in handling the removal of reservations by the Financial Action Task Force (FATF).
Minister Fayed reviewed decisions endorsed during the previous meeting and highlighted significant progress achieved in recent months. He also discussed key provisions in the 2025 Finance Law, such as the introduction of electronic payment systems to enhance transaction transparency and traceability, set to take effect on January 1, 2025.
A joint presentation by the national coordinator and head of the Financial Intelligence Processing Unit provided updates on the committee’s progress, while a project leader outlined proposals for roadmaps addressing non-priority sectors.
Sector-Specific Measures
The meeting concluded with Minister Fayed presenting projects for adopting roadmaps for non-priority sectors. These included areas such as:
- Legal professions (notaries and lawyers).
- Gambling and betting sectors.
- Customs agents.
- Accountancy-related professions (certified public accountants, authorized accountants, and auditors).
The session also approved a mechanism proposed by the technical committee for monitoring the implementation of roadmaps across relevant sectors. Additionally, it expedited the formation of task forces for sector-specific evaluations, particularly concerning legal entities and non-profit associations.
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Author: Nor-Eleslam
