Faid chairs meetings assessing money laundering risk, terrorism financing

ALGIERS- Finance Minister Laaziz Faid chaired on July 8-13, at the ministry's headquarters, two extraordinary sessions of the National Commission for the Assessment of Money Laundering Risk, financing of terrorism and the financing of the proliferation of weapons of mass destruction (WMD), the ministry said Monday in a statement.

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The meetings are meant to "monitor the commission's work and examine a draft report on risk assessment and its compliance with the standards recommended by the financial action group," the statement said.

Speaking at the meetings, Faid stressed the crucial importance of the two meetings, calling on all members to increase their efforts to achieve clear results against money laundering risks, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.

He also called for making the findings of the report widely available to the public and private sectors, to implement the recommended measures.

The minister insisted on the enrichment of the partial assessment report and the national strategy for the prevention of money laundering risks, part of the missions of the commission.

In the two meetings, comprehensive presentations were given by the heads of the working groups on the progress of the risk assessment as well as the major achievements and proposals under consideration, the statement said.

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