Morocco's exit from the FATF gray list, a crowning achievement of the Kingdom's proactive actions

The removal of Morocco from the “grey” list of the Financial Action Task Force (FATF) on money laundering and the financing of terrorism crowns the efforts and proactive actions of the Kingdom in terms of strengthening the local legal arsenal.

In recent years, Morocco has made a point of beefing up its legal arsenal in the fight against money laundering. In this sense, several bills have been adopted, while the country’s institutions have strengthened the mechanisms intended to prevent this type of practice.

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

In order to support the permanent evolutions experienced by the international system for the fight against money laundering, Morocco is also working, under the enlightened leadership of King Mohammed VI, to appropriate its texts in this area with international standards. , in line with changes in FATF recommendations.

Marking the Kingdom’s commitment to strengthening the national mechanism for the fight against money laundering and the financing of terrorism in accordance with the evolution of international standards in this area, the removal of Morocco from the “grey” list of the FATF will impact positively sovereign ratings and local bank ratings.

It is added to the many international rankings established by rating institutions that place Morocco in pole position among the countries where it is good to invest.

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

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

By thus joining the very restricted club of countries which have demonstrated a positive evolution of their legislation and tax practices, Morocco reinforces its attractiveness and reassures the investor on the sound nature of its legislation and its taxation.

The FATF decided, unanimously among its members, to remove Morocco from the gray list, during its General Assembly, held in Paris from February 20 to 24, 2023. This FATF decision comes following the positive conclusions contained in the report of the group’s experts, sanctioning the field visit undertaken in our country from January 16 to 18, 2023.

This report, by virtue of which Morocco was removed from the gray list, welcomed the formal political commitment of the Kingdom for the conformity of the national system for the fight against money laundering and the financing of terrorism, with international standards, as well as that the full respect by the country of all its commitments within the set deadlines.

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

Created in 1989, the FATF is an intergovernmental body for the fight against money laundering and the financing of terrorism. The Group’s objective is to develop standards and promote the effective application of legislative, regulatory and operational measures in the fight against money laundering.

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