Reporting Suspicious Transactions as a Mechanism for International Cooperation in the Framework of Preventing Money Laundering under Palestinian and Algerian Law

Abstract

Both the Palestinian and Algerian legislators have mandated that banks and financial institutions, in general, report any suspicious financial transactions, as a mechanism to detect money laundering crimes. This mechanism takes precedence over the principle of banking secrecy. Given the importance of this mechanism, as it deals with one of the most dangerous economic and cross-border crimes, the legislator, through legal texts, has regulated the concept of suspicious transaction reporting, those subject to it, and the formal procedures for it. In addition, the legislator clarified the role of the specialized body in receiving and following up on the reports to ensure the success of this mechanism