Morocco Cracks Down on Financial Crime Investigation Techniques to Combat Money Laundering
Strengthening International Coordination and Modernizing its Financial System
In a bid to modernize its financial system and strengthen international coordination, Morocco has taken a series of measures to combat money laundering crimes. The country’s Prosecutor General, Moulay Hassan Daki, revealed that between 2008 and 2018, 336 cases were registered, compared to over 2,927 from 2018 to 2023.
Exit from the Gray List of the Financial Action Task Force (FATF)
According to Daki, these efforts have ensured Morocco’s exit from the gray list of the FATF, contributing to strengthening confidence in the economic system and making it a safe destination for investments. The country has also created a specialized structure to track money laundering cases affiliated with the Criminal Justice Pole, improving communication with judicial work.
National and International Efforts to Combat Money Laundering Crimes
The North African country is pushing ahead with national and international efforts to combat money laundering crimes, adapting its anti-money laundering system to the latest relevant international standards. This includes legislative, regulatory, and supervisory measures implemented through various national authorities and institutions under the coordination of the National Financial Information Authority.
International Symposium on Money Laundering
Experts at an international symposium in Tangiers emphasized that the new challenges resulting from technological developments require continued individual and collective efforts. The symposium addressed four topics:
- “Money Laundering: Social, Economic, Political, and Legal Challenges”
- “Legal Developments and New Trends”
- “Emerging Technologies: Unique Challenges and Attractive Opportunities”
- “Lawyer and Anti-Money Laundering”
Expert Insights
Academic and expert in international relations Hichem Moatadhed noted that Morocco’s strategy is to contain money laundering by all possible means, representing a significant political gain at the international level. The country has also issued a scientific guide defining techniques for researching and investigating money laundering and terrorist financing.
Financial Director of the International Federation of Lawyers Silvestre Tando de Marsac highlighted that money laundering affects economic stability and global security, especially with the current situation of financial flows and the expansion of technological scope. According to estimates, money laundering represents about three percent of the world’s gross product.
The Association of Bar Associations in Morocco President Hussein al-Zayani stressed existing cooperation between justice system bodies and their role in enhancing trust and achieving judicial security. He emphasized that money laundering is considered one of the most dangerous financial crimes developed in the era of digital economy, linked to organized crime.
International Recognition
Morocco’s efforts have garnered praise from international bodies, including the UN Security Council, the International Financial Action Group, and regional groups. The country continues to work towards implementing 34 recommendations out of 40 stipulated by the FATF.