Algeria: Anti-money laundering rules; imported automobiles

Algeria: Anti-money laundering rules

Anti-money laundering provisions in Algeria require payments for certain purchases of real estate, goods, and services to be completed via the banking system. Effective 1 July 2015, payments that exceeding a threshold amount must be completed via the banking system when the purchase amount exceeds: (1) DZD 5 million (approximately U.S. $50,000) for real estate purchases; or (2) DZD 1 million (approximately U.S. $10,000) for purchases of goods and services. Non-compliance with these provisions could result in the application of Algeria’s sanctions against money laundering and terrorist financing.

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New rules for imported automobiles

There are new measures controlling the activity of new car dealers in Algeria. Specifically, the provisions require that automobile dealers:

  •  Import vehicles under brands that are listed in a book of specifications published by the Ministry of Industry 
  • Not import vehicles on behalf of other dealers  
  • Determine that newly imported vehicles meet Algeria’s standards of safety and environmental protection and recognized worldwide standards (but not less than the standards applicable in manufacturer’s country of origin) 
  • Issue invoices directly to the licensor manufacturer (constructeur consédant
  • Import supplies only from a licensor manufacturer

Authorized dealers in Algeria must comply with these provisions within a 12-month period from the decree’s official publication date.

 

Read a July 2015 report provided by KPMG International.

 

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