The Moroccan government announced on Friday, February 24, the withdrawal of Morocco from the gray list of the Financial Action Task Force (FATF).
Indeed, on the occasion of its General Assembly held from February 20 to 24, 2023 in Paris, the FATF « decided, unanimously by its members, the exit of the Kingdom of Morocco from the enhanced surveillance process, known as + gray list+, after assessment of the compliance of the national system with international standards relating to the fight against money laundering and the financing of terrorism, since the adoption by the FATF in February 2021, of the action plan specific to the Kingdom of Morocco”, informs a press release from the Department of the Head of the Moroccan Government.
The same source explains that the decision of the FATF, the global organization for monitoring money laundering and terrorist financing, to remove the Kingdom of Morocco from the enhanced surveillance process, comes « following the positive conclusions contained in the report of the experts of the group, sanctioning the field visit undertaken in our country from January 16 to 18, 2023 ».
This report, by virtue of which Morocco is removed from the gray list, continues the press release, « welcomed the formal political commitment of the Kingdom for the conformity of the national system for the fight against money laundering and the financing of terrorism, with international standards », as well as the full respect by the Kingdom of all its commitments within the set deadlines.
“The proactive efforts and actions undertaken by Morocco, in application of the High Royal Directives (…) have focused on a battery of legislative, organizational, awareness and control measures, implemented by the various national authorities and institutions concerned, under the coordination of the National Authority for Financial Intelligence, in partnership with legal persons subject to public or private law”, it is underlined.
The Moroccan authorities consider that the FATF’s recognition of Morocco’s effectiveness in the fight against financial crime should strengthen the image and positioning of the Kingdom of Morocco vis-à-vis foreign investors and when it comes to to negotiate with international financial institutions.
Morocco intends to continue its commitment to strengthen its national mechanism to combat money laundering and the financing of terrorism, in accordance with the evolution of international standards in this area.
By OMA Newsletter N° 1065 of 27/02/2023
Article published under the direction of Dr. Najib Kettani
The OMA, NGO with an Intercontinental vocation
For the development of cultural exchanges
Valuing human potential
The promotion and consolidation of Africa’s development, and
Inter-African integration
