Financial Crime World

Morocco Scores High in Anti-Money Laundering and Combating Financing of Terrorism Efforts, Says FATF Report

Rabat, Morocco - A Model for Combating Money Laundering and Terrorist Financing?

The Financial Action Task Force (FATF) has released a report assessing Morocco’s implementation of the 40 Recommendations to combat money laundering and financing of terrorism. The report highlights Morocco’s significant progress in implementing these recommendations, with high ratings across various areas.

Assessment Results

  • Partially compliant: 23 recommendations
  • Largely compliant: 12 recommendations
  • Compliant: 2 recommendations
  • Non-compliant: none

The report praises Morocco’s efforts in:

  • Implementing measures to prevent money laundering and terrorist financing through its financial institutions
  • Establishing a risk-based approach to combating money laundering and terrorist financing
  • Strengthening laws and regulations aimed at preventing the misuse of shell companies, trusts, and other legal arrangements for money laundering and terrorist financing purposes

Additionally, Morocco has taken steps to:

  • Improve customer due diligence and record-keeping requirements for financial institutions
  • Enhance its international cooperation in combating money laundering and terrorist financing

Areas for Improvement

While Morocco has made significant progress, the report identifies areas where improvement is needed:

  • Strengthening powers of supervision over financial institutions and designated non-financial businesses and professions (DNFBPs)
  • Enhancing international cooperation in combating money laundering and terrorist financing

The FATF recommendations are widely recognized as a global standard for combating money laundering and terrorist financing. The report provides a roadmap for Morocco to continue improving its efforts in this area.

Response from the Moroccan Government

The Moroccan government has welcomed the report and pledged to take concrete steps to address the areas identified for improvement. With continued efforts, Morocco is poised to remain a model for combating money laundering and terrorist financing in the region.