Financial Crime World

Title: Morocco’s Battle Against Money Laundering: UTRF’s Role in Strengthening AML Compliance

Morocco: A Prime Target for Money Laundering

  • Constitutional monarchy in North Africa’s Maghreb region
  • Population of over 37 million
  • Borders Europe, Algeria, West Sahara, France, Germany, Spain, and the US
  • Fifth-largest economy in Africa
  • Significant trading relations with European countries

Vulnerabilities in Morocco’s AML/CFT Regime

According to the Financial Action Task Force (FATF), Morocco was identified as a country with ineffective Anti-Money Laundering (AML) and Counter Terrorist Financing (CFT) compliance.

  • Ineffective AML/CFT compliance
  • High-risk third-country jurisdiction
  • Threat to European economy

The Financial Intelligence Processing Unit (UTRF)

  • Morocco’s primary body for combating money laundering and terrorist financing
  • Established in 2009
  • Setting financial stability and ensuring economic security
  • Joined the Egmont Group of FIUs in 2011

Critical Areas of Vulnerability

  1. International trafficking
  2. Informal sectors
  3. High-volume transactions
  4. Drug trafficking between Morocco and Europe
  5. European countries’ increased cross-border rules

Morocco’s Commitment to Enhancing AML Compliance

  • Collaborating with FATF and MENAFATF
  • Addressing identified deficiencies under Article 9 of Directive (EU) 2015/849
  • Implementing measures to meet international AML standards

Morocco’s Measures to Strengthen AML Compliance

  1. Implementing a risk-based approach at the state level
  2. Establishing a disincentive AML regulatory system
  3. Enforcing legal obligations to nocompliant institutions
  4. Determiningclear beneficial ownership information
  5. Having a diverse transaction reporting system
  6. Describing and litigating money laundering cases
  7. Supporting compliance of FIs and DNFBPs

The Importance of Robust AML Measures

Sanction Scanner, an advanced AI-driven AML solution, offers organizations in Morocco tools for successful AML compliance. The solution keeps pace with regulations and safeguards reputation.

For more information on Sanction Scanner’s AML solutions for Moroccan entities, please contact us or schedule a demo. Together, we can ensure Morocco’s AML compliance journey is a successful one.