Algeria removed from FATF grey list after two years of financial reforms
via Algérie3603 min read
Algeria has been unanimously removed from the Financial Action Task Force FATF grey list, a decision announced at the OECD headquarters in Paris on June 19. This move follows two years of significant reforms to the national financial system, which international delegations have praised as "remarkable." The Algerian delegation, led by the Minister of Finance and the Governor of the Bank of Algeria, was present to receive this international recognition. The FATF report explicitly commended the quality and pace of Algeria's transformations, noting that the country took substantial measures to improve its anti-money laundering and counter-terrorist financing AML/CFT regime, with some actions ahead of schedule. Key factors in this success included the personal and consistent involvement of the highest state authorities in guiding legislative and operational projects, as well as the coordinated mobilization of all financial and judicial stakeholders in the country. Algeria was placed on the grey list at the end of 2024 and promptly initiated an ambitious action plan. By February 2026, FATF had already indicated that Algeria had largely completed its action plan, warranting an on-site evaluation. Legislative reforms included strengthening suspicious transaction reporting, establishing a legal framework for targeted financial sanctions related to terrorist financing, and developing an effective system for tracing beneficial owners. Risk-based supervision was also revised, with regula
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Algeria's civil protection services brought 40 fires under control across the country within a single day. These incidents affected diverse ecosystems, from northern forests to Saharan palm groves, western wheat fields, and eastern fruit farms. Northern wilayas, including Béjaïa and Tizi Ouzou, saw numerous interventions to contain fires in shrubland and forests, preventing spread to residential areas. In Béjaïa, fires were extinguished in Aghzer Ouzarif, Saâdan Darguina, and the Takouchte forest Aït Ismail. Tizi Ouzou experienced three contained brush fires in Imzizou and Tikherbine Freha, and near infrastructure in Azeffoun. Other fires were put out in Ben Arous Baghlia, Boumerdès and El Kala El Tarf, with a fire in Safsaf Meftah, Blida neutralized without material damage. Agricultural lands were also impacted, with Mila experiencing fires in crops and fruit trees in Aïn Thour, El Qarqour, El Azla, and M’sita. Sétif protected farmlands near the Aïn Abbassa dam and in Larbaâ and Aïn Témacine. Chlef controlled a crop fire in Aïchouba, while Oum El Bouaghi had two fires in El Ghadir and El Madfoun. Fruit trees were threatened in Tlemcen, specifically in Sidi Lakhdar Beni Khaled and Aïn Yesser. Western wilayas like Tiaret, Saïda, Sidi Bel Abbès, and Relizane saw wheat fields burn. Eastern wilayas including Skikda, Guelma, Constantine, and Souk Ahras also reported fires in rural and cultivated areas. Palm groves in Biskra, Batna, Ghardaïa, and Ouargla were protected. These effor
Global energy markets saw a significant drop in crude oil prices on Thursday following the announcement of a memorandum of understanding between the United States and Iran. This agreement aims to de-escalate a long-standing conflict and immediately reconfigures the global oil supply landscape. The geopolitical risk premium decreased, causing benchmark indices to fall. Brent North Sea crude for August delivery dropped 1.91% to $78.03 per barrel, while US West Texas Intermediate WTI for July contracts fell 2.27% to $75.05 per barrel. This decline contrasts with the previous day's session, when prices temporarily rose after threatening statements from US President Donald Trump regarding military strikes. The memorandum of understanding includes 14 key provisions, establishing a 60-day period of talks during which Tehran commits to ensuring free and secure transit for ships in the Strait of Hormuz. The protocol also plans for a gradual restoration of merchant shipping in the Strait, aiming for full capacity within 30 days. Crucially, the agreement provides for the lifting of economic sanctions that had been stifling Iran's crude oil exports. The stabilization of the Strait of Hormuz, through which nearly a fifth of global oil consumption passes, combined with the official return of Iranian oil to the market, removes the risk of a global supply crisis. This development offers a welcome respite for the global economy by reducing speculation in anticipation of a more fluid and poten
Must ReadAlgeria has inaugurated its first national unit for manufacturing monoclonal antibodies in Oran, led by Orion Lab. This facility, the second of its kind in Africa, marks Algeria's entry into high-precision biomedicine. The unit will produce monoclonal antibodies, which are laboratory-synthesized proteins designed to target cancer cells and other specific molecular or cellular targets, offering a more precise approach than conventional therapies. These therapies are applicable to various conditions, including breast, lung, and colon cancers, lymphomas, rheumatoid arthritis, Crohn's disease, and other inflammatory and infectious diseases. Previously, Algerian patients relied on expensive imported molecules for these treatments. Ouacim Kouidri, the Minister of Pharmaceutical Industry, emphasized that this project is an investment in public health, research, and innovation, aligning with President Abdelmadjid Tebboune's strategic directives and the National Cancer Control Plan. The initiative aims to improve patient care and develop domestic production of complex biological medicines, contributing to Algeria's health sovereignty. The project involves a strategic partnership between Orion Lab and an international laboratory, focusing on technology transfer and local expertise development in biological medicines.