Legal mechanism for the prevention and control of money laundering through electronic communication networks under Algerian Business Law
Keywords:
Money laundering crime, electronic communication networks, electronic banking transactions, Financial Intelligence Processing Unit, electronic payment methodsAbstract
Money laundering, whether committed through traditional methods or more prominently via modern technological means, has become one of the fastest-growing and most widely spread crimes globally, particularly over the past two decades. This alarming expansion has drawn the attention of states and both governmental and non-governmental organizations, especially those that have entered into international and regional agreements aimed at its prevention and control. As a transnational and organized crime, money laundering has prompted the Algerian legislator to take proactive measures to criminalize and sanction it, in accordance with the provisions of relevant international conventions. In this regard, Algeria has established specialized national bodies and institutions dedicated to the prevention and suppression of this economic and financial crime. On another front, perpetrators of this crime have not remained confined to conventional methods of execution. Instead, they have adapted to the scientific and technological advancements of the modern era, utilizing information and communication technologies (ICTs) and the internet as effective tools to launder illicit and dirty funds, thereby giving them a semblance of legitimacy. Consequently, money laundering is now carried out through sophisticated techniques across electronic communication networks in various forms and dimensions.
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