Algeria Seizes 23 Billion Centimes in Major Money Laundering Operation

Algerian authorities announced a significant blow to organized crime on Thursday, October 29, with the dismantling of a major criminal network involved in counterfeiting, fraud, and money laundering. The operation, led by the Central Service for the Fight against Organized Crime, resulted in the recovery of 23 billion centimes from illicit activities.

The network, which operated across multiple provinces, was found to have exploited over 400 fictitious commercial registers to facilitate fraudulent transactions. This allowed them to move large sums of money outside of legal financial channels. The police operation also led to the seizure of various vehicles, stamps, and administrative documents.

In total, 25 members of the network were arrested and presented before the national economic and financial pole prosecutor's office. The criminal activities of the network caused a significant financial loss to the public treasury, estimated at 9,200 billion centimes.

The Algerian authorities revealed that the network's operations involved a complex web of fraudulent activities, including tax evasion and the use of false documents. The extensive use of fictitious commercial registers was a key method employed by the network to evade detection and launder money.

This operation marks a significant achievement for Algerian law enforcement in their ongoing efforts to combat organized crime and financial fraud. The recovery of 23 billion centimes and the arrest of key members of the network are expected to disrupt their operations and serve as a deterrent to similar criminal activities.