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Morocco Removes from Grey List, Regaining Access to Foreign Financial Assistance

In a significant development, Morocco has been removed from the Financial Action Task Force (FATF) grey list, following a two-year assessment period. The country’s improved compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) standards has earned it a spot off the list.

Key Gaps and Action Plan

Morocco was added to the FATF grey list in February 2021 due to severe gaps in technical compliance and low effectiveness in implementing AML/CFT measures. The country’s action plan aimed to address these deficiencies, which included eight key items. Between February and October 2021, Morocco achieved three of the eight goals, including:

Strengthening its financial intelligence unit (FIU)
Improving risk-based supervision

Progress Made

The FATF acknowledged Morocco’s progress in a May 2022 report, noting that the country had substantially completed its action plan. An on-site assessment in January 2023 confirmed Morocco’s compliance with AML/CFT standards.

Expected Results

Morocco’s removal from the grey list is expected to have significant economic benefits, including:

Improved sovereign and local bank ratings
A more favorable image for international financial institutions
Increased trust among foreign investors

The country plans to issue a dollar-denominated bond, with major banks BNP Paribas, Citi, Deutsche Bank, and JP Morgan set to arrange meetings with investors.

Economic Challenges

Morocco’s economy has faced severe challenges, including its worst drought in three decades and high domestic inflation. Removal from the grey list will improve the country’s ability to raise debt internationally and address some of these challenges.

Basel AML Index Ranking

According to the Basel AML Index, Morocco ranks as a medium-risk jurisdiction for money laundering and terrorist financing, with an overall risk score of 5.16 out of 10.