Abstract:
The financial system is the most legitimate channel used in money laundering through its three institutions: banks, similar financial institutions, insurance companies, and the movable securities because of its ability to absorb large amounts of money and the speed of its transfer. Therefore, the United Nations and member states Have surrounded it with special protection through international and regional agreements and treaties drawing up guidelines and recommendations on standards to be adopted in tracking the effects of dirty money and enacting national legislations in response to those conventions, treaties and recommendations as well as establishing international and regional organizations for monitoring and evaluation. Also, establishing special national bodies to process information on the movement of capital suspected to be of criminal proceeds and about customers themselves, especially unusual ones. The legislative policy in Algeria and elsewhere has been drawn up to face this phenomenon in two ways: the first is preventive, by obliging financial institutions to take awareness measures with the obligation to report in the event of suspicion that the transaction involves money laundering under regulations imposed by the controllers of each sector. As for the second line, it is the policy of repression through the enactment of laws criminalizing money laundering and refraining from notifying the suspects and the development of procedural mechanisms to activate criminal prosecution of those involved by strengthening search and investigation processes, sentencing and imposing punishment, and international judicial cooperation in all procedural stages from the beginning of the investigation to applying the punishment.
