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Morocco’s Removal from FATF Grey List Rewards its Proactive Actions

Morocco’s removal from the Financial Action Task Force’s (FATF) “grey” list on money laundering and terrorist financing is the crowning achievement of the Kingdom’s efforts and proactive actions to strengthen its local legal arsenal.

In recent years, Morocco has been keen to strengthen its legal arsenal in the fight against money laundering. In this sense, several draft laws have been adopted, while the country’s institutions have strengthened the mechanisms designed to prevent such practices.

Morocco’s actions have focused on a battery of legislative, organizational, awareness and control measures, implemented by the various national authorities and institutions concerned, under the coordination of the National Financial Intelligence Authority, in partnership with legal entities subject to public or private law.

In order to keep up with the constant changes in the international anti-money laundering system, Morocco is also working, under the enlightened leadership of His Majesty King Mohammed VI, to adapt its laws to international standards, in line with the developments of the FATF recommendations.

Marking the Kingdom’s commitment to strengthening the national anti-money laundering and combating the terrorism financing in accordance with the evolution of international standards in this area, Morocco’s delisting from the FATF’s “gray” list will have a positive impact on sovereign ratings and the local banks’ ratings.

This is in addition to the numerous international rankings established by rating institutions that place Morocco in pole position among countries where it is good to invest.

This major step forward will also strengthen Morocco’s image and positioning in negotiations with international financial institutions, as well as foreign investors’ confidence in the national economy.

This decision confirms the right choices made in terms of economic policy and the relevance of the measures taken in terms of governance and fiscal transparency, in accordance with international standards.

By joining the very small club of countries that have demonstrated positive developments in their tax laws and practices, Morocco strengthens its attractiveness and reassures investors of the soundness of its legislation and taxation.

The Financial Action Task Force (FATF) has decided, unanimously by its members, to remove Morocco from the grey list, during the FATF General Assembly, held in Paris on February 20-24, 2023.

This FATF’s decision comes after the positive conclusions contained in the report of the group’s experts, issued at the end of the field visit undertaken in Morocco on January 16-18, 2023.

This report, by virtue of which Morocco has been removed from the grey list, welcomed the Kingdom’s formal political commitment to the compliance of the national system of combating money laundering and terrorist financing, with international standards, as well as the full compliance by our country with all its commitments within the set deadlines.

Delegates representing 206 members of the global network and observer organizations, including the International Monetary Fund, the United Nations, the World Bank, Interpol and the Egmont Group of Financial Intelligence Units, participated in the Working Group and Plenary (AG) meetings in Paris during FATF Week (February 20-24).

 

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