Mauritius and Morocco Central Banks Team Up: A Collaborative Report on Exiting the FATF Grey List
Rabat - Two central banks, Bank of Mauritius and Bank Al-Maghrib (BAM), made history with their first joint initiative under the Group of Francophone Banking Supervisors (GSBF) to combat money laundering and terrorism financing. In a significant move, they released a collaborative report on their experiences in removing their countries from the Financial Action Task Force (FATF) grey list.
The Importance of Central Banks in Addressing AML/CFT Issues
Presented at the plenary meeting of the GSBF, the report underscores the critical role central banks play in implementing effective Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) measures.
Key Findings from Mauritius and Morocco’s Journeys
The groundbreaking report reveals insights into Mauritius and Morocco’s successful expedited exit from the FATF grey list, highlighting the significance of:
- Knowledge sharing and best practices between jurisdictions
- Collaboration and fortifying AML/CFT frameworks
Partnership and International Collaboration
In a joint statement, the governors, Abdellatif Jouahri of BAM and Harvesh Kumar Seegolam of Bank of Mauritius, emphasized the importance of international collaboration in addressing these issues.
“Morocco remains committed to boosting anti-money laundering and counter-terrorism financing initiatives through partnerships with stakeholders.” - Abdellatif Jouahri, BAM Governor
“Understanding the complexities and ramifications of FATF compliance is essential for maintaining the integrity of the international financial system.” - Harvesh Kumar Seegolam, Bank of Mauritius’ Governor
Guidance and Expertise Sharing among Member States
As part of the GSBF membership, BAM imparted its expertise through the joint report, offering guidance to fellow members in implementing effective governance structures, fostering cooperation, and refining legal and regulatory frameworks. This collaborative effort aims to smooth the process of combating these illicit activities across member jurisdictions.
Invaluable Lessons and Informed Decision-Making
Seegolam views the report as an essential resource for exchanging valuable lessons learned, ensuring informed decision-making among member states.
By sharing experiences and collaborating on best practices, Mauritius and Morocco demonstrate a proactive approach to defending against the global challenges posed by money laundering and terrorism financing. The release of this collaborative report represents a significant step towards strengthening the integrity of the international financial system.