The Department of the Head of Government announced on Friday the decision of the Financial Action Task Force (FATF) to remove Morocco from the gray list. A decision taken unanimously by its members, during the General Assembly of the FATF, held in Paris, from February 20 to 24, 2023.
“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 international 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 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, notes the same source.
“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 the total respect by our country of all its commitments within the set deadlines”, underlines the press release of the Department of the Head of Government.
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 Authority for Financial Intelligence, in partnership with legal persons subject to public or private law.
And to add that Morocco’s exit from the gray list “will positively impact 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 as the confidence of foreign investors in the 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 has a strategic and institutional character aimed at preserving the national financial system against the dangers of financial crimes, the statement concludes.
