Morocco’s Efforts to Combat Terrorism Financing and Money Laundering Receive Mixed Review

Rabat, Morocco - The Kingdom of Morocco has made significant strides in combating terrorism financing and money laundering, but there are still areas that require improvement, according to a recent report by the MENAFATF (Middle East and North Africa Financial Action Task Force).

Progress Made, but Areas for Improvement Remain

The report highlights Morocco’s progress in implementing anti-money laundering and counter-terrorism financing measures. However, it also identifies several weaknesses that need to be addressed.

Coordination between National Authorities

One of the key areas for improvement is the lack of coordination between national authorities. While Morocco has established a number of bodies responsible for combating terrorism financing and money laundering, there is a need for greater coordination and cooperation between these entities.

National Risk Assessment Process

The report also notes that Morocco’s National Risk Assessment (NRA) process, which was initiated in 2016, has not been fully implemented. The NRA aims to assess the risks associated with money laundering and terrorist financing in Morocco, but it has not yet been adopted by official authorities.

Resources and Capabilities for UTRF

In addition, the report highlights the need for greater resources and capabilities to be allocated to the UTRF (Unité de Traitement des Renseignements Financiers), which is responsible for collecting, analyzing, and disseminating financial intelligence. The UTRF plays a crucial role in combating terrorism financing and money laundering, but it faces challenges due to limited resources.

Investigation and Prosecution of Money Laundering Offenses

The report also notes that Morocco has made progress in investigating and prosecuting money laundering offenses, but there are still weaknesses in this area. For example, the investigators’ expertise in ML operations is weak, and they do not have adequate experience in financial investigation techniques.

Authorities Committed to Improving Anti-Money Laundering and Counter-Terrorism Financing Measures

Despite these challenges, Morocco’s authorities are committed to improving their anti-money laundering and counter-terrorism financing measures. The country has established a number of bodies responsible for combating terrorism financing and money laundering, including the UTRF, which plays a crucial role in collecting, analyzing, and disseminating financial intelligence.

Conclusion

The report concludes that while there are still areas that require improvement, Morocco is making progress in implementing anti-money laundering and counter-terrorism financing measures. The country’s authorities are committed to continuing their efforts to combat terrorism financing and money laundering, and the report provides a framework for assessing their progress.