Financial Crime World

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Financial Crime Reporting Requirements in Morocco Fall Short, According to Global Assessment

A recent evaluation by international financial watchdogs has found that Morocco’s efforts to prevent and combat financial crime are still falling short. The assessment, conducted by the Financial Action Task Force (FATF), evaluated Morocco’s compliance with 40 key recommendations aimed at preventing money laundering and terrorist financing.

Assessment Results

According to the report, Morocco scored partially compliant or largely compliant on most of the recommendations, but failed to meet standards in several areas. Notably:

  • The country was found non-compliant with requirements related to the transparency and beneficial ownership of legal arrangements.
  • It failed to meet standards in regulating and supervising high-risk countries.

Gaps Identified

The assessment also identified gaps in Morocco’s ability to:

  • Identify and report suspicious transactions
  • Exercise effective powers for supervisors and law enforcement agencies
  • Cooperate with international partners on matters related to mutual legal assistance and extradition

Background

Morocco has been working to strengthen its financial crime prevention regime since 2019, when it underwent a Mutual Evaluation by the FATF. The evaluation aimed to assess Morocco’s implementation of the technical requirements of the FATF Recommendations.

Challenges Ahead

Despite these efforts, Morocco still faces significant challenges in preventing and combating financial crime. As a key player in the global economy, with a growing financial sector and increasing international trade, it is crucial that Morocco takes concrete steps to address the gaps identified by the assessment and strengthen its financial crime prevention regime.

Government Commitment

The Moroccan government has committed to implementing the necessary reforms to bring the country into compliance with the FATF Recommendations. However, time will tell whether these efforts are sufficient to address the significant challenges still facing Morocco’s financial sector.