Financial Action Task Force Calls for Morocco to Establish Financial Intelligence Unit

The Financial Action Task Force (FATF) has emphasized the need for Morocco to establish a financial intelligence unit (FIU) to effectively combat money laundering and terrorist financing.

Importance of an FIU

According to FATF’s Recommendations 29 and 31, an FIU should serve as a national centre for receiving and analyzing suspicious transaction reports, as well as other relevant information. This includes:

Receiving and analyzing suspicious transaction reports
Obtaining additional information from reporting entities
Accessing financial, administrative, and law enforcement information on a timely basis
Disseminating analysis results to relevant competent authorities in a secure and protected manner

Establishment of an FIU

FATF noted that an FIU can be established as part of an existing authority or as a standalone entity. However, it must have:

Operational independence and autonomy to carry out its functions freely
Adequate financial, human, and technical resources to conduct its mandate effectively
High professional standards among staff members

Confidentiality and Security

The FIU should ensure the security and confidentiality of information received, processed, held, or disseminated. It should also be able to:

Make arrangements or engage independently with other domestic competent authorities or foreign counterparts on the exchange of information
Have regard to the Egmont Group Statement of Purpose and its Principles for Information Exchange Between Financial Intelligence Units for Money Laundering and Terrorism Financing Cases

FATF’s Recommendations

FATF’s Recommendations 10, 11, and 22 require that reporting entities maintain certain information, which the FIU can access as needed to perform its analysis properly.

Conclusion

In conclusion, FATF has called on Morocco to establish an FIU that can effectively combat money laundering and terrorist financing by receiving, analyzing, and disseminating suspicious transaction reports and other relevant information. The FIU should have operational independence and autonomy, adequate resources, and ensure the security and confidentiality of information received, processed, held, or disseminated.

Call to Action

The establishment of an FIU is a crucial step in Morocco’s efforts to combat money laundering and terrorist financing, and FATF urges the country to take immediate action to establish such a unit.