Financial Crime World

Financial Crime in Morocco Takes Center Stage Amid Efforts to Improve Anti-Corruption Measures

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Introduction

Morocco has been battling financial crime, including money laundering and corruption, for years. The country’s government has launched various initiatives to combat these issues, but progress has been slow. In this article, we will explore the recent developments in Morocco’s efforts to improve anti-corruption measures and address the rising threat of financial crime.

National Strategy to Fight Money Laundering

In a significant development, the Moroccan government announced plans to launch a national strategy to fight money laundering as part of efforts to improve anti-corruption measures in the country. This move comes amid concerns over the rising threat of financial crime, including terrorism financing and corruption.

  • The announcement was made during a national conference on combating money laundering and terrorism financing.
  • The Moroccan authorities for capital markets and the Financial Intelligence Unit signed an agreement to cooperate in fighting financial crimes.

Challenges Ahead

Despite these efforts, Morocco still faces significant challenges in addressing financial crime. A recent report revealed that 30 out of 89 projects aimed at implementing anti-corruption measures are behind schedule, highlighting the need for more effective implementation of existing policies.

  • The country’s corruption perception index has shown some improvement, but it remains one of the lowest in Africa.
  • The government has acknowledged the need to strengthen its strategy on fighting corruption and has announced plans to revise the legal framework for asset declaration.

Strengthening Anti-Corruption Efforts

The National Anti-Corruption Commission (CNAC) has been at the center of efforts to monitor the implementation of anti-corruption measures. Established in 2017, the commission has been working to take stock of its work and identify areas for improvement.

  • Morocco’s King Mohammed VI has also appointed a new head of the National Anti-Corruption Authority, who is tasked with coordinating, supervising, and implementing anti-corruption policies.
  • A Memorandum of Understanding (MoU) signed between Moroccan and Palestinian prosecutors’ offices aims to develop their capacity in fighting crime, corruption, money laundering, and terrorism financing.

Regional Cooperation

Morocco’s commitment to regional cooperation in addressing financial crimes is evident through its efforts with neighboring countries. In 2018, Morocco’s DGSN tightened its grip on criminal networks, executing 80 international information requests related to cases of drug smuggling and money laundering.

  • This move demonstrates the country’s efforts to enhance its anti-crime policies and cooperate with other nations in fighting transnational organized crime.
  • As Morocco continues to grapple with financial crime, it remains to be seen whether these initiatives will yield significant improvements in combating corruption and money laundering.