Algeria – Investigation with 5 insurers on currency transfer
Friday, 09 16 2016, Category: Insurance and Reinsurance, Country: Algeria
The governor of the Bank of Algeria Mr. Mohamed Loukal ordered a series of investigations on foreign insurance companies operating in the Algerian market. The issue is related to 5 companies suspected of transferring currencies outside the country in a method which is against the law.
The investigations also cover according to “Echoroukonline” reinsurance companies to which inspectors from the Bank of Algeria have been sent in order to investigate the financial transfers operated that exceed the actual amounts of production. This leaves many open questions including about the different branches in Algeria, which transfer amounts under the excuse of reinsurance in addition to financial transfers to unauthorized companies.