Morocco Grapples with Financial Fraud Examples as New Strategy to Combat Money Laundering Takes Shape
Morocco is set to launch a national strategy to combat money laundering and terrorist financing, according to Saad Dine El Othmani, the head of the Moroccan government. This announcement was made at a recent conference on combating money laundering and terrorist financing.
Enhancing Cooperation between Authorities
The new strategy aims to enhance cooperation between various authorities, including the Moroccan Authorities for Capital Markets and the Financial Intelligence Unit, to prevent and detect financial crimes. This comes as Spain accused a high-ranking Moroccan official of embezzling funds donated by Morocco to fight extremism in Europe.
Prioritizing Prevention and Detection
The new strategy will focus on:
- Preventing and detecting financial crimes
- Enhancing cooperation between authorities
- Strengthening the legal framework for asset declaration
- Protecting whistleblower public servants
Implementation of Anti-Corruption Strategy
Meanwhile, the implementation of Morocco’s anti-corruption strategy has been slowed down due to delays in the completion of some projects. The national anti-corruption commission is seeking greater coordination with other authorities to target priority programs and combat corruption.
Strengthening Coordination and Transparency
The national anti-corruption commission will focus on:
- Enhancing coordination with other authorities
- Targeting priority programs to combat corruption
- Improving transparency and accountability in government transactions
Protecting Whistleblowers and Strengthening Legal Framework
Morocco has also taken steps to protect whistleblower public servants by announcing a law to protect those who report corruption. Additionally, the government plans to revise the legal framework for asset declaration.
Protecting Whistleblower Public Servants
The new law will provide protection to:
- Public servants who report corruption
- Ensure their confidentiality and anonymity
- Prevent retaliation against whistleblowers
National Anti-Corruption Commission’s Role
The National Anti-Corruption Commission (CNAC) will be at the center of efforts to monitor the implementation of the national anti-corruption strategy, with Morocco’s 2018 Corruption Perceptions Index improving by three points.
Improving Transparency International Corruption Perception Index Ranking
Morocco continues to work towards improving its Transparency International Corruption Perception Index ranking, which remains a major challenge for the country. The CNAC will play a crucial role in monitoring progress and implementing reforms to combat corruption.
Recent Developments
In other developments:
- Morocco’s King appointed a new head of the Anti-Corruption Authority
- A Memorandum of Understanding was signed between Moroccan and Palestinian Prosecutors’ Offices to develop their capacity to fight crime and corruption
- The Moroccan General Directorate of National Security reported a significant increase in its efforts to combat criminal networks in 2018
These financial fraud examples and anti-corruption efforts demonstrate Morocco’s commitment to combating money laundering, terrorist financing, and corruption.