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Morocco’s Compliance with Financial Regulations: A Mixed Bag

A recent evaluation by the Financial Action Task Force (FATF) has revealed that Morocco has made significant progress in implementing anti-money laundering and combating terrorist financing measures, but still faces challenges in several areas.

Progress Made

According to the report, Morocco was found to be partially compliant in 20 out of the 40 assessed recommendations. These include:

• Assessing risk and applying a risk-based approach (R.1)
• National cooperation and coordination (R.2)
• Targeting financial sanctions related to terrorism and terrorist financing (R.6)

Morocco also demonstrated compliance with several other recommendations, including:

• Customer due diligence (R.10)
• Record keeping (R.11)
• Reporting of suspicious transactions (R.20)

Challenges Remain

However, Morocco was found to be non-compliant in areas such as:

• Transparency and beneficial ownership of legal persons (R.24)
• Cash couriers (R.32)

The report also noted that Morocco has made progress in implementing new technologies and strengthening its financial intelligence unit, but still faces challenges in ensuring adequate regulation and supervision of financial institutions (R.26) and DNFBPs (R.28).

Commitment to Improvement

Despite these challenges, the FATF evaluation acknowledged Morocco’s commitment to combating money laundering and terrorist financing, as well as its efforts to strengthen its legal framework and increase international cooperation.

The Moroccan government has vowed to address the shortcomings identified in the report and continue to improve its compliance with international standards in the fight against financial crimes.