US wishes to cooperate with Algeria in fight against money laundering

The United States of America wishes to strengthen its cooperation with Algeria in the fight against money laundering and terrorist financing, said Monday in Algiers Cynthia Eldridge, Regional Legal Advisor at the U.S. Embassy in Algiers. "We have established a good partnership with Algeria (in the fight against money laundering and the financing of terrorism) but I think we can improve," said Eldridge during a training workshop on how to fight against these crimes, organized by the Bank of Algeria and the U.S. Embassy. Eldridge added since her arrival in Algiers, she had to work on this issue with the Unit for processing and financial Intelligence (CTRF) under the Ministry of Finance, the Bank of Algeria and the Association of Banks and financial institutions (ABEF). She stressed in this regard the role of banks in the prevention of these threats, saying that "bankers are the first line of defence in the fight against money laundering." For his part, CTRF’s chairman Abdenour Hibouche said the fight against these transnational crimes requires international cooperation and exchange of experiences in this field. Also, he recalled the legal measures taken by Algeria to achieve compliance in its fight." Algeria has ratified a total of 16 international conventions relating to combating money laundering and financing of terrorism," he said.