The Financial Action Task Force (FATF) has decided, unanimously among its members, to withdraw the Kingdom of Morocco from the enhanced surveillance process, known as the “grey list”, after assessing the compliance of the national system with the standards relating to the fight against money laundering and the financing of terrorism, since the adoption by the FATF in February 2021, of the action plan specific to the Kingdom of Morocco. This decision was taken during the FATF General Assembly, held in Paris, France, 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 total respect by our country of all its commitments within the set deadlines.
The decision to exit Morocco from the enhanced surveillance process, known as the “grey list”, crowns the efforts and proactive actions of the Kingdom of Morocco, in application of the High Royal Directives, which focused on a battery of legislative, organizational, awareness and monitoring, implemented by the various national authorities and institutions concerned, under the coordination of the National Financial Intelligence Authority, in partnership with legal persons subject to public or private law.
Morocco’s exit from the gray list will have a positive impact on sovereign ratings and the ratings of local banks, just as it will strengthen Morocco’s image and its positioning during negotiations with international financial institutions, as well as the confidence of foreign investors in the country. national economy.
In order to consolidate the achievements made in recent years, the Kingdom of Morocco reiterates its strong commitment to continue strengthening the national mechanism for the fight against money laundering and the financing of terrorism, in accordance with the evolution of international standards in matter, and emphasizes that this commitment now takes on a strategic and institutional nature aimed at preserving the national financial system against the dangers of financial crimes.