Morocco’s anti-money laundering efforts pay off as it exits FATF’s “grey list”

Great news for Morocco! The country has just been taken off the Increased Monitoring process, also known as the “grey list,” by the Financial Action Task Force (FATF) after a unanimous vote from its members during their General Assembly held in Paris, France from February 20th to 24th, 2023.

The decision comes after a team of FATF experts visited Morocco from January 16th to 18th, 2023, to assess the country’s efforts in combating money laundering and terrorist financing. The report they submitted was incredibly positive. They praised the Kingdom’s commitment to complying with international standards and for respecting all its commitments within the set deadlines.

This achievement is the result of the proactive efforts and actions of Morocco, in line with Royal directives, which included implementing various legislative, organizational, awareness-raising, and control measures to combat money laundering and terrorist financing. And, to top it all off, the National Financial Intelligence Authority (ANRF) worked closely with public and private legal entities to make it happen.

This fantastic news will have a positive impact on sovereign and local bank ratings, strengthen the Kingdom’s image and position in negotiations with international financial institutions, and increase foreign investors’ confidence in the national economy.

Morocco isn’t resting on its laurels however. It has committed to continuing its efforts to strengthen the national system to combat money laundering and terrorist financing in line with international standards. Morocco is recognizing the importance of this commitment in preserving the national financial system from the dangers of financial crimes.

Morocco’s success is a testament to the hard work and dedication of the country’s people, and it should inspire other countries to follow suit and create a transparent and responsible financial system that benefits everyone, notably some more developed nations still lagging behind. Congratulations!

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