The Gafi opens the exit door from the gray list in Morocco

The Financial Action Task Force (Gafi), at its plenary meeting in October, praised Morocco’s efforts in its fight against money laundering and the financing of terrorism and believes that a field visit to confirm the progress in substances is, however, necessary.

This will be the process of leaving the list of jurisdictions under enhanced surveillance where the Kingdom is located along with 23 other countries. During this meeting, Gafi assessed the compliance of the Moroccan system with international standards for the fight against money laundering and the financing of terrorism before deciding to send a group of experts to carry out a field visit to Morocco in order to determine progress.

This field visit, which should probably take place next February, should make it possible to take stock of the progress of the implementation of the lines of work agreed by Morocco and the Gafi in February 2021. These include legislative and regulatory actions, as well as in terms of awareness and monitoring, adopted by the various national institutions concerned.

A press release from the government (the National Authority for Financial Intelligence (ANRF), released this Friday evening, specifies that it “should be noted that the decision of the field visit is a positive step in the reinforced monitoring, as it aims to determine to what extent the axes of the action plan have been effectively deployed on the ground“.

Also, the document continues “Following the example of the efforts made by the various national authorities, institutions and persons subject to the law during the past period, and for the success of this visit, the national authorities and institutions will continue to mobilize and engage, with a commitment total and responsibility, in this national project to ensure that the Kingdom of Morocco leaves the list of reinforced monitoring of the FATF“, continues the press release.

Morocco, which is subject to enhanced surveillance, has made enormous efforts in recent years to be able to leave this list relating to money laundering and the financing of terrorism. That said, Morocco, like other countries, is actively working with the FATF to fill the strategic gaps in its regime for combating money laundering, the financing of terrorism and the financing of proliferation. When the FATF places a jurisdiction under heightened scrutiny, it signifies that the country is committed to promptly addressing identified strategic deficiencies within agreed timelines and is subject to heightened scrutiny. This list is often referred to externally as the “grey list”.

Since the onset of the Covid-19 pandemic, FATF has granted flexibility to jurisdictions that do not face immediate deadlines to report progress on a voluntary basis. The following countries have had their progress reviewed by FATF since June 2022: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Haiti, Jamaica, Jordan, Mali, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, Sudan South, Turkey, United Arab Emirates and Uganda.

After examination, the FATF now identifies in this list also the Democratic Republic of Congo, Mozambique and Tanzania. The FATF welcomes the progress made by these countries in the fight against money laundering and the financing of terrorism, despite the challenges posed by the Covid-19 pandemic.

Burma has been added to the blacklist of countries at “high” risk of money laundering, terrorist financing and proliferation of weapons of mass destruction, along with countries such as Iran and Korea. North. The FATF has also isolated Russia due to the continuing conflict in Ukraine.

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