Morocco Exits FATF’s “Grey List” After Successful Compliance with Anti-Money Laundering and Terrorist Financing Standards
Morocco Removed from FATF’s “Grey List”
In a significant boost to its international reputation and economic credibility, Morocco has been removed from the Financial Action Task Force’s (FATF) “grey list” of countries deemed non-compliant with anti-money laundering and terrorist financing standards. This decision was made by FATF experts following a field visit to Morocco in January 2023, which concluded that the country had fully fulfilled its obligations in combating money laundering and terrorist financing within specified deadlines.
FATF Report Praises Morocco’s Efforts
The FATF report commended Morocco for:
- Firm political commitment to harmonizing its national anti-money laundering and terrorist financing system with international standards
- Implementation of legislative, regulatory, awareness-raising, and supervisory measures to achieve this goal
- Coordination with the National Financial Information Authority and partnership with subject persons and the private sector
Positive Repercussions for Morocco’s Economy
Morocco’s graduation from the “grey list” is expected to have positive repercussions on:
- Sovereign and local bank ratings
- Image and negotiating position vis-à-vis international financial institutions
- Confidence among foreign investors in the national economy
Maintaining a Strong Reputation
Morocco’s strong commitment to continuing to strengthen its national system for combating money laundering and terrorist financing will contribute to maintaining its reputation as a reliable partner in global financial markets.
A Major Achievement for Morocco
This decision is seen as a major achievement for Morocco, which has made significant strides in recent years to improve its anti-money laundering and counter-terrorist financing regime. The country’s efforts have been driven by the High Royal Directives, which emphasized the importance of protecting the national financial system from illicit activities and maintaining international cooperation in combating these threats.
Opportunities for Economic Growth
With this development, Morocco is now better positioned to take advantage of new opportunities for economic growth and cooperation with other countries, while also continuing to strengthen its financial sector and maintain the trust of investors and international partners.