The Financial Action Task Force (FATF) has unanimously decided the removal of the Kingdom of Morocco from its grey list, within the framework of its General Assembly, held from 20 to 24 February 2023 in Paris, and which was attended by delegates representing 206 members of the global network and observer organizations, including the International Monetary Fund, the United Nations, the World Bank, Interpol and the Egmont Group of Financial Intelligence Units.
It should be recalled that the FATF is an intergovernmental body against money laundering and terrorist financing created in 1989, whose objective is to develop standards and promote the effective implementation of legislative, regulatory and operational measures to combat money laundering.
The decision to remove Morocco from the enhanced scrutiny process was taken after the release of the positive conclusions contained in the report of FATF experts, established following the field visit undertaken in the country from 16 to 18 January 2023.
More precisely, the report in question comes to crown the efforts and proactive actions of Morocco, which have focused on a battery of legislative, organizational, awareness and control measures as well as welcome the formal political commitment of the country for the compliance of the Moroccan system of anti-money laundering and terrorist financing with international standards, the strict compliance with all its commitments within the deadlines set.
What is most important to note is that Morocco’s recognition by the FATF, which not only allows it to join the very small club of countries that have demonstrated positive developments in their legislation and tax practices, but also to position itself as a regional and continental leader in terms of good financial governance, will have a positive impact on the country’s sovereign ratings and the ratings of local banks, will strengthen the country’s positioning and image in negotiations with international financial institutions, and will boost foreign investors’ confidence in the Moroccan economy.