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Morocco Removed from FATF Grey List, Complies with AML/CFT Regulations

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Morocco has been removed from the Financial Action Task Force’s (FATF) “Grey List” of countries subject to increased monitoring, two years after being listed in February 2021. The FATF welcomed Morocco’s substantial progress in strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) regime.

Substantial Progress Made

According to an official statement, Morocco has made significant strides in:

Improving international cooperation mechanisms
Strengthening AML/CFT supervision
Enhancing transparency of legal persons
Increasing capacities of its Financial Intelligence Unit (FIU)
Conducting money laundering investigations and confiscating proceeds of crime
Improving the effectiveness of its targeted financial sanctions regime

Technical Assistance Provided by EU Global Facility

The EU Global Facility on AML/CFT is providing technical assistance, training, and activities to support Morocco in maintaining compliance with FATF’s 40 Recommendations and addressing any potential deficiencies in its national framework. The facility aims to uphold Morocco’s commitment to anti-money laundering and counter-terrorist financing standards, as defined under the Fourth and Fifth Anti-Money Laundering Directives.

Latest Mutual Evaluation Report

In its latest Mutual Evaluation Report (2022), Morocco was deemed:

Compliant for 5 areas
Largely Compliant for 29 areas
Highly Effective scores for 0 areas
Substantively Effective scores for 1 area, in regards to the effectiveness of its AML/CFT regime.