Financial Crime World

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Morocco’s Anti-Money Laundering Laws Receive Mixed Ratings from FATF

The Financial Action Task Force (FATF) has released a report assessing Morocco’s anti-money laundering (AML) laws and regulations, providing a mixed evaluation of the country’s progress.

Strengths and Weaknesses

According to the report, Morocco excelled in several areas:

  • National Cooperation and Coordination: The country scored high marks for its efforts in coordinating national activities related to AML/CFT (Combating the Financing of Terrorism).
  • Confiscation and Provisional Measures: Morocco’s laws and regulations were found to be effective in seizing assets and imposing provisional measures to combat money laundering.
  • Customer Due Diligence: The country’s financial institutions were commended for their efforts in conducting thorough customer due diligence, a key aspect of AML/CFT.
  • Regulation and Supervision of Financial Institutions: Morocco was praised for its oversight of financial institutions, ensuring they operate in a transparent and compliant manner.
  • Targeted Financial Sanctions: The country’s implementation of targeted financial sanctions related to terrorism and terrorist financing was found to be effective.

However, Morocco was found partially compliant or non-compliant in several key areas:

  • Assessing Risk and Applying a Risk-Based Approach: The country needs to improve its risk assessment and application of a risk-based approach to AML/CFT.
  • Money Laundering Offense: Morocco’s laws and regulations regarding money laundering offenses require strengthening.
  • Reporting of Suspicious Transactions: The country was found to be partially compliant in reporting suspicious transactions, requiring improvement.
  • Financial Institution Secrecy Laws: Morocco’s financial institution secrecy laws were deemed non-compliant with international standards.
  • Transparency and Beneficial Ownership of Legal Persons: The country needs to improve transparency in the beneficial ownership of legal persons.

Areas Requiring Improvement

The report highlights several areas that require improvement, including:

  • Designated Non-Financial Businesses and Professions (DNFBPs): Morocco needs to strengthen regulations and supervision of DNFBPs.
  • Beneficial Ownership of Legal Arrangements: The country must improve transparency in the beneficial ownership of legal arrangements.

Commitment to Improvement

Morocco has committed to implementing the FATF Recommendations, a set of international standards for combating money laundering and terrorist financing. The country will continue to work towards improving its AML framework.

In response to the report, Moroccan authorities have pledged to address the identified deficiencies and strengthen their anti-money laundering regime. The country’s efforts will be closely monitored by the FATF in future evaluations.