Financial Crime World

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Money Laundering Techniques in Morocco: A Deep Dive into the Country’s Compliance with FATF Recommendations

Morocco, a country known for its rich history and cultural heritage, has been scrutinized for its efforts to combat money laundering. In 2019, the country underwent a Mutual Evaluation by the Financial Action Task Force (FATF), an international organization that sets standards for combating money laundering and terrorist financing.

Areas of Concern

The evaluation revealed several areas where Morocco fell short of meeting FATF’s technical requirements. Specifically, Morocco was found to be partially compliant with many of the 40 Recommendations set forth by the organization. Some of the key areas of concern include:

Risk Assessment

  • Morocco’s risk-based approach to combating money laundering is incomplete and lacks effective measures to identify high-risk customers.

National Cooperation and Coordination

  • The country’s financial institutions and law enforcement agencies do not adequately share information and coordinate efforts to combat money laundering.

Money Laundering Offence

  • Morocco’s definition of a money laundering offence does not cover all types of transactions, leaving loopholes for criminals to exploit.

Areas of Compliance

On the other hand, Morocco was found to be compliant with some aspects of the FATF Recommendations, including:

Confiscation and Provisional Measures

  • The country has established effective laws and procedures for freezing and confiscating assets related to money laundering.

Targeted Financial Sanctions

  • Morocco has implemented targeted financial sanctions against individuals and entities linked to terrorism and terrorist financing.

Areas for Improvement

The Mutual Evaluation also highlighted several areas where Morocco needs improvement, such as:

Financial Institution Secrecy Laws

  • The country’s laws do not provide adequate protection against the misuse of financial information.

Customer Due Diligence

  • Moroccan financial institutions do not conduct sufficient customer due diligence to identify high-risk customers.

Conclusion

Overall, while Morocco has made progress in combating money laundering, it still faces significant challenges in implementing effective measures to prevent and detect this crime.