Within the framework of preparing the National Report of money laundering and terrorist financing (ML/FT) risks assessment, the Ministry of Finance, in cooperation with the World Bank Office in Algeria and the Financial Intelligence Processing Unit (FIPU), organized an interactive training workshop on “The World Bank’s Methodology for national risks assessment of money laundering and terrorist financing” in the period extending from 06 until February 8, 2024, on the “Dar Rais” tourist complex, Sidi Faraj-Algiers.

This workshop was opened by the Chief of Staff at the Ministry of Finance, along with the official representative of the World Bank office in Algeria, and in the presence of the Head of the National Money Laundering and Terrorist Financing Risk Assessment Project and representatives of all sectors composing the thematic teams identified by this methodology, these include: government institutions (law enforcement authorities, judicial authorities, regulatory, supervisory and/or monitoring authorities, and the Financial Intelligence Processing Unit (FIPU), as well as representatives of the public and private sectors concerned by the obligation to suspicious transactions reports (STR) of money laundering and terrorist financing (banks and financial institutions, insurance companies and designated non-financial businesses and professions (DNFBPs)).

This course aims to enable participants to understand the World Bank’s methodology in conducting the national assessment of the ML/FT risks, which is based on identifying the main components of the assessment process, which are; threats, vulnerabilities, and implications.

It should be noted that the national risks assessment of ML/FT is one of the main recommendations of the Financial Action Task Force (FATF) to establish an effective system to combat money laundering and terrorist financing, as it allows identifying the risks that the country may face, then analyzing them in order to develop comprehensive strategies to confront these risks by setting priorities and Directing resources according to a risk-based approach.

This training workshop concluded with a closing speech delivered by the Head of the Financial Intelligence Processing Unit, who thanked the experts of the World Bank and all the participants in this event and noted the importance of this workshop, as well as the need for the effective participation of the various sectors concerned in order to achieve the national risk assessment of money laundering and financing of terrorism, and expressed in the end his wish to organize similar events in the future to strengthen discussion and exchange, which will have a positive impact on the national system for preventing money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction.