Judicial Authority Granted to 21 Agents Against Currency Offenders

The Bank of Algeria has appointed 21 agents with judicial authority, empowering them to monitor and pursue offenders of exchange legislation and regulations concerning capital movements into and out of the country. This measure provides Algeria with a new tool to address infractions related to currency and international capital flows.

The decision to equip the central bank with this team of controllers was formalized by a Ministry of Justice decree, which officially designated these agents as authorized to identify violations of exchange and capital movement laws. The names of these 21 agents, comprising three controllers and eighteen controllers responsible for studies, were published in an annex to the decree signed by Minister of Justice Lotfi Boudjemaa. This initiative responds to a recent surge in currency fraud, characterized by both over-invoicing and under-invoicing operations.

The appointment of these agents occurs approximately three months after President Abdelmadjid Tebboune publicly addressed the issue of under-invoicing non-hydrocarbon exports. The President had previously highlighted the discovery of significant amounts from non-hydrocarbon exports that had not been repatriated, underscoring the government's commitment to strengthening financial oversight and combating economic irregularities.