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A breath of fresh air for the Algerian economy
30 billion dollars recovered
The recovery of funds looted by former leaders and businessmen amounted to 30 billion dollars, this is the amount confirmed by President Abdelmadjid Tebboune in his speech delivered recently during his visit to the headquarters of the Ministry of National Defense, in front of executives and staff of the People’s National Army (ANP). The Head of State underlined the fact that this is a commitment that he intends to keep to the end. “It is a commitment made before God and the Algerian people and we are doing everything to stick to it. To date, we have been able to recover more than $30 billion and counting,” he said.
These recovered funds constituted a real breath of fresh air for the Algerian economy. These are embezzled financial and real estate assets, of which everything that was stolen was in Algeria. Abroad, Spain, described as a friendly country by President Tebboune, handed over the 5-star hotel purchased by a former businessman who had illegally smuggled foreign currency out to buy it.
President Tebboune did not forget to thank Algeria’s “friendly countries” like Spain and Italy, who, according to him, spared no effort to help Algeria recover the people’s money. He noted promises from European countries to help Algeria in its Algerian approach to recover its looted property, which allows the strengthening of international cooperation in the fight against money laundering and capital evasion.
Only the French attitude stands out compared to those of other European partners who cooperate in a sincere, loyal and without ulterior manner with the Algerian authorities on this issue of ill-gotten gains of which they know the extreme sensitivity for Algeria.
The fight against corruption in Algeria has a positive impact on the Algerian economy. President Tebboune strongly reaffirmed that the Algerian State will not relax its fight against corruption and will continue to work to recover the property and funds looted during the period dominated by the ‘Issaba’ (“the gang”). It is about restoring economic and social justice, while strengthening the confidence of citizens and investors in national institutions, as indicated by the political will expressed on various occasions.
This approach is not temporary but is part of a strategy to protect national resources. The aim is also to protect public heritage from predation. Ultimately, the fruits of development must not be diverted for the benefit of selfish interests but must be distributed equitably to the entire population.
As a reminder, the Minister of Justice and Keeper of the Seals, Lotfi Boudjemaâ, announced that around 355 requests for international legal assistance were sent to 32 countries for the identification, blocking and confiscation of criminal assets. In addition and according to the same source, 53 requests for the recovery of assets from 11 countries, including an African country, were also sent by our judicial authorities.
The favorable response to the numerous letters rogatory intended for several States within the framework of international legal cooperation, with the aim of recovering funds misappropriated and transferred abroad, was confirmed, two years ago, by the decision of the Swiss authorities to maintain the freezing of the assets – 1.7 million euros held in a bank account in Geneva – of the former Minister of Industry and Mines, Abdesselam Bouchouareb, in fleeing abroad since May 2019 and against whom an international arrest warrant was issued by the Court of Sidi M’hamed (Algiers).
According to Swiss media, the former minister had tried to have the freezing of his assets lifted, but the Swiss Federal Criminal Court rejected his appeal.
We know that the operation to recover looted and embezzled funds, as well as land acquired illegally abroad, requires an effort, can last a long time, and that the State is determined to recover the looted funds, in collaboration with European States.
The traceability of looted funds is vigorously carried out through the execution of numerous letters rogatory intended for several States within the framework of international legal cooperation.
Lakhdar A.