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Thursday, May 30, 2024

European Commission Removes Morocco from Grey List of Countries under Money Laundering Surveillance

The European Commission announced on Wednesday the removal of Morocco from the EU’s grey list of countries under surveillance for money laundering and terrorist financing.

This decision takes into account information from the Financial Action Task Force (FATF) and changes decided at the last FATF Plenary in February 2023 in the list of “Jurisdictions under Enhanced Surveillance”, known as “gray list”.

The FATF had, in fact, removed Morocco from its gray list, following the implementation by the Kingdom of its action plan agreed with the group.

According to the Commission, with the measures taken to implement the action plan agreed with the FATF, Morocco has remedied the deficiencies in its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) system and no longer poses a money laundering and terrorist financing threat to the international financial system.

Given that Morocco has strengthened the effectiveness of its AML/CFT regime and addressed its technical deficiencies in order to meet the commitment in its action plan to address the strategic deficiencies identified by the FATF, the Commission’s assessment of the available information leads it to conclude that Morocco no longer has strategic deficiencies in its AML/CFT regime and should therefore be removed from the “grey list”, the EC concluded.

The FATF welcomed the significant progress made by Morocco in improving its AML/CFT framework and noted that the Kingdom had put in place the necessary legal and regulatory frameworks to meet its commitments under its action plan.

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