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Morocco AML CFT Activities

In February 2023, two years after being listed by the FATF as one of the countries “subject to increased monitoring”, Morocco was removed from the “Grey List” list of countries.

In its official statement, the FATF welcomed Morocco’s significant progress in improving its AML/CFT regime”.

It noted that “Morocco strengthened the effectiveness of its AML/CFT regime to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in February 2021 related to improving its international cooperation mechanisms, strengthening AML/CFT supervision, strengthening transparency of legal persons by ensuring timely access to accurate beneficial ownership information, strengthening the capacities of the FIU, enhancing capacities to conduct ML investigation and confiscate the proceeds of crime and improving effectiveness of the targeted financial sanctions regime. Morocco is therefore no longer subject to the FATF’s increased monitoring process.”

The technical assistance training and activities delivered by the EU Global Facility on AML/CFT seek to support Morocco in upholding its compliance to FATF 40 Recommendations and continue to address any potential deficiencies in its national anti-money laundering and counter-terrorist financing framework. as defined under the Fourth and Fifth Anti-Money Laundering Directives.

In the last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Morocco (2022), the Kingdom was deemed Compliant for 5 and Largely Compliant for 29 of the FATF 40 Recommendations. It remained Highly Effective for 0 and Substantially Effective for 1 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

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