Financial Action Task Force removes Morocco from Grey List


The Financial Action Task Force (FATF) has decided, unanimously, to remove Morocco from the grey list during the FATF General Assembly held in Paris on February 20-24, 2023, the Department of the Head of Government announced on Friday.

“The Financial Action Task Force (FATF) decided unanimously to remove the Kingdom of Morocco from the enhanced monitoring process, known as the ‘grey list’, after assessing the national system’s compliance with international standards relating to the fight against money laundering and terrorist financing, since the adoption by the FATF in February 2021 of the action plan specific to the Kingdom of Morocco. This decision was taken at the FATF General Assembly, held in Paris, France, between February 20 and 24, 2023,” said the Department in a statement.

This FATF’s decision comes after the positive conclusions contained in a report by the group’s experts, issued at the end of the field visit undertaken in Morocco on January 16-18, 2023, notes the same source.

“This report, by virtue of which Morocco has been removed from the grey list, welcomed the Kingdom’s formal political commitment to compliance of the national system to combatting money laundering and terrorist financing with international standards, as well as the full compliance by our country with all its commitments within the set deadlines,” said the statement.

The decision to remove Morocco from the enhanced monitoring process, known as the ‘grey list’, crowns the efforts and proactive actions of the Kingdom of Morocco – pursuant to the High Royal Directives which have focused on a battery of legislative, organisational, awareness and control measures 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.
He added that Morocco’s removal from the grey list “will have a positive impact on sovereign ratings and local banks’ ratings”; and as well “it will strengthen Morocco’s image and its positioning in negotiations with international financial institutions, as well as the confidence of foreign investors in the national economy”.

In order to consolidate the gains made in recent years, the Kingdom of Morocco reiterates its strong commitment to continue strengthening the national system of combatting money laundering and terrorist financing, in accordance with the evolution of international standards in this area; and stresses that this commitment now has a strategic and institutional character aimed at preserving the national financial system against the dangers of financial crimes, concludes the statement.

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