More than 15,000 “Fraudulent” Car importers listed in Algeria

More than 15000 Fraudulent vehicles importer in Algeria,

Who protects them ????

End of the policy  lobbying and mafia involvement …….

Serrai Invest Capital Ltd ( Media Team)

3 companies under the consortium ‘’Saida GBH Group’’ are suspended.
More than 15,000 “fraudulent” importers listed within the national importers’ register, including foreign traders, will be subjected to exceptional investigation and  control in-depth economic investigations and their recent business dealings will be under a deep perusal by the relevant authorities as part of a wide-ranging “cleansing” operation decided of late by the trade ministerial department.


Stringent control will be applied to this effect regarding billing operations, and the dates of application and receipt of goods, as well as quality and the matching criteria, in addition to investigation in the area of tax evasion and social security contributions.
The Ministry of trade has enjoined all trade Directorates of the 48 provinces of the country, to tighten control on importers listed within the national register as part of the ongoing cleansing drive aimed at exposing the “cheaters” including dishonest foreign importers and “purging” the national foreign trade sector of the nefarious Mafia-like smuggling ring which has dealt a severe blow to the national economy through its illicit and fraudulent practices for many years now.
Meanwhile, Two working groups have been installed in application with the recommendations of President of the Republic Abdelaziz Bouteflika, during a recent small-scale Council to define the measures for import rationalization and the fight against capital flight.

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The first group, installed at the trade Ministry, is accountable for developing the actions to be taken to ensure better management and streamlining imports.
“Based on the orientations of the President of the Republic, we have put in place under the leadership of the Prime Minister, a working group which has to submit within days its findings as to what must be done in terms of foreign trade streamlining,” said Amara Benyounes.
Concerning the second group, which is composed of representatives of the Ministry of trade and both customs and tax administrations, its mission is to follow up in a “rigorous, precise and permanent” way all transactions of international trade so as to curtail capital flight abroad, the minister added.
Furthermore the obligation to pay by check, beyond certain thresholds, officially went into force Wednesday, July 1st 2015 in Algeria. Every day, some practices will undoubtedly change. “Echorouk online news paper ” got in touch with economists and banking sources in order to shed light on the upcoming changes to be brought about by this governmental decision about the introduction of the compulsory check payment.

Regarding for instance the purchase of new vehicles from dealers, no sale is accepted of an amount equal to or greater than 1 million dinars. Banks no longer accept cash payments on the accounts of dealers. This prohibition also applies to payments in advance (or payment by installments), for a transaction whose total reached the threshold of 1 million DA, says our interlocutor Ali Bey Nasri.
He said, that small cars whose price is below this amount are not affected, according to our source. For people who do not have a bank account, the bank “first opens their account prior to the transaction,” the source added.


Asked about the impact of these measures on the increase in planned banking, our interlocutor  believes that this is “just the beginning”, but it’s a step in the right direction with the prime focus being on the monitoring of the numerous trade transactions carried out by thousands of importers.
However, it considers that this “will not create many new accounts,” but decrease significantly “the use of cash in certain transactions”, especially for customers who already have a bank account.
This improves the banking rate, reducing transactions outside the banking system. As such, it is difficult to give an estimate of the amounts that banks can capture, according to our source. It depends on the situation: for example, car sales tend to stagnate now, the source said.
It should be also noted that the new regulation applies only threefold for now: dealers, non-financial corporation’s (lawyer’s office, jewellers …) from 1 million dinars and finally, real estate transactions from 5 million dinars.
As for the real estate purchases, it is the notary who must no longer accept cash transactions. Banks have a minimal role in this area.
Indeed, customers will still have the right to file amounts of liquid money on their accounts. Unlike any suspicious transaction will be easier to detect.
Thus, the banks will notify the customer and shall report any unjustified operation (in terms of wages, for example) to the Financial Intelligence Processing Unit (CTRF). This improves the traceability of banking, increasing the number of operations that are performed in the official circuit.


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