Morocco: A Closer Look at AML/CFT Regulations by Country

Morocco has been assessed by international authorities on its anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. In a recent report, Morocco received mixed ratings on various aspects of its AML/CFT framework.

Assessment Results

The country scored partially compliant in several areas, including:

Assessing risk and applying a risk-based approach (R.1)
National cooperation and coordination (R.2)
Money laundering offence (R.3)
Confiscation and provisional measures (R.4)
Targeted financial sanctions related to terrorism and terrorist financing (R.6)
Customer due diligence (R.10)
Record keeping (R.11)
Politically Exposed Persons (R.12)
Correspondent banking (R.13)
New technologies (R.15)
Wire transfers (R.16)
Internal controls and foreign branches and subsidiaries (R.18)
Reporting of suspicious transactions (R.20)
DNFBPs: Customer due diligence (R.22)
Regulation and supervision of financial institutions (R.26)
Powers of supervisors (R.27)
Financial intelligence units (R.29)
Responsibilities of law enforcement and investigative authorities (R.30)
Sanctions (R.35)

Areas of Strength

Morocco was found to be largely compliant in some areas, including:

Terrorist financing offence (R.5)
Targeted financial sanctions related to proliferation (R.7)

Areas for Improvement

The report highlighted several areas where Morocco needs to improve, including:

Strengthening its AML/CFT regime
Increasing cooperation with foreign authorities
Enhancing its monitoring and reporting mechanisms

Conclusion

While Morocco has made progress in implementing AML/CFT regulations, it still faces challenges in certain areas. The country’s authorities must continue to work towards strengthening its AML/CFT framework to effectively combat money laundering and terrorist financing.