Financial Crime World

Morocco’s Financial Leap Forward: Embracing Compliance and Reinforcing Governance

Authors

  • Mohammed EL YETTEFTI, IBN TOFAIL University
  • Omar TAOUAB, IBN TOFAIL University

Keywords

  • Financial Governance, FATF Grey list, Financial crimes, ANRF

Abstract

Morocco’s journey toward fortifying financial governance and regulatory compliance is a transformative step towards aligning with global financial standards. this process includes:

  • Strategic collaboration
  • Institutional restructuring
  • Legislative reforms
  • International cooperation
  • Public-private partnerships

Morocco’s dynamic response, particularly in relation to the FATF grey list, showcases its commitment to combating financial crimes, promoting transparency, and fostering a robust financial sector.

Morocco’s Financial Progress: Walking the Path of Regulatory Compliance and Financial Governance

Morocco’s endeavor to strengthen its financial governance framework and regulatory compliance is a vital stride towards harmonizing with global financial standards.

A Notable Reaction: Morocco’s Response to FATF Grey Listing

  • Morocco launched a comprehensive strategy to address international concerns regarding its anti-money laundering and counter-terrorist financing measures
  • Comprehensive review of its legislative framework
  • Establishment of the Financial Market Authority (AMF)
  • Reinforcement of the Moroccan Financial and Administrative Reform Commission (ANRF)

Strengthening the ANRF: Morocco’s Cornerstone to Regulatory Compliance

  • Enhancements to its mandate, structure and resources
  • Effectively administer financial regulatory matters
  • Maintain transparency
  • Promote best practices

Banking Sector Alignment: Strategic Partners in Regulatory Compliance

  • Public and private sectors collaborations
  • Implementation of advanced technologies, such as AI and machine learning

Internal Controls and Risk Management: Fortifying Moroccan Banks and the ANRF

  • Adoption of the C.R.I.M.E Internal Control Framework
  • Improving governance, risk assessment, and internal control processes

Conclusion

  • Morocco’s commitment to regulatory compliance and financial governance is a significant step towards enhancing its financial landscape
  • Multi-faceted approach to create a robust, transparent, and internationally compliant financial sector.

Downloads

[1] EL YETTEFTI, M. and TAOUAB, O. (2024). Morocco’s Financial Leap Forward: Embracing Compliance and Reinforcing Governance. Revue Internationale du Chercheur, 5(1), 3-14.