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Morocco Fails to Meet International Standards on Anti-Money Laundering and Combating Financing of Terrorism
Rabat, Morocco - A recent assessment by the Financial Action Task Force (FATF) has revealed that Morocco has fallen short in implementing international standards for combating money laundering and financing of terrorism.
Poor Performance in Key Areas
The report shows that Morocco is only partially compliant with 34 out of 40 FATF recommendations. The country scored poorly on several key areas, including:
- Confiscation and provisional measures against money launderers: Morocco needs to improve its laws and regulations regarding the confiscation and freezing of assets related to money laundering.
- Terrorist financing: The country’s regulations and supervision mechanisms for combating terrorist financing are inadequate.
- Regulation and supervision of financial institutions: Morocco’s regulatory framework for financial institutions is incomplete, allowing for weaknesses in the supervision of these institutions.
Lack of Cooperation and Inadequate System
The report highlighted the following issues:
- Lack of cooperation between government agencies: Morocco needs to improve communication and coordination between its various government agencies to effectively combat money laundering and terrorist financing.
- Inadequate system for reporting suspicious transactions: The country’s system for reporting suspicious financial transactions is incomplete, making it difficult to detect and prevent illegal activities.
Recommendations for Improvement
The FATF recommendations aim to provide a framework for countries to combat money laundering, terrorist financing, and other threats to the financial system. Morocco is urged to:
- Strengthen regulations and supervision: The country needs to strengthen its regulatory framework and supervisory mechanisms to prevent money laundering and terrorist financing.
- Improve transparency and beneficial ownership of legal persons and arrangements: Morocco should improve its laws regarding financial institution secrecy and customer due diligence.
Risks of Being Designated as a Non-Cooperative Country
Morocco’s failure to meet these standards puts it at risk of being designated as a non-cooperative country by the international community. This could have serious consequences for the country’s economic stability and relations with other countries.