In recent years, Morocco has been keen to strengthen its legal arsenal in the fight against money laundering. Several draft laws have been adopted, while the country’s institutions have strengthened the mechanisms designed to prevent such practices.
Morocco’s actions have focused on a battery of legislative, organisational, awareness and control measures implemented by the various national authorities and institutions concerned, under the co-ordination of the National Financial Intelligence Authority, in partnership with legal entities subject to public or private law.
Marking the kingdom’s commitment to strengthening its national anti-money laundering stance and combating financing of terrorism in accordance with the evolution of international standards in this area, Morocco’s de-listing from the FATF’s greylist may have a positive impact on sovereign ratings and the local banks’ ratings.
The Financial Action Task Force (FATF) decided, unanimously by its members, to remove Morocco from the greylist during the FATF general assembly held in Paris from February 20-24.
The FATF’s decision comes after the positive conclusions – contained in the report – of the group’s experts, issued at the end of the field visit undertaken in Morocco from January 16-18.
This report, by virtue of which Morocco has been removed from the greylist, welcomed the kingdom’s formal political commitment to the compliance of the national system of combating money laundering and terrorist financing, with international standards, as well as the full compliance by Morocco with all its commitments within the set deadlines.
Delegates representing 206 members of the global network and observer organisations, including the International Monetary Fund, the UN, the World Bank, Interpol and the Egmont Group of Financial Intelligence Units, participated in the working group and plenary (AG) meetings in Paris during FATF Week from February 20 to February 24.