The Financial Action Task Force (FATF) has decided, unanimously by its members, during the FATF General Assembly, held in Paris, from 20 to 24 February 2023, the exit of Morocco from the grey list.
“The Financial Action Task Force (FATF) decided, unanimously by its members, the exit of the Kingdom of Morocco from the enhanced supervision process, known as the grey list, after assessing the compliance of the national system with international standards relating to the fight against money laundering and terrorist financing, and this, since the adoption by the FATF in February 2021, of the action plan specific to the Kingdom of Morocco”, the Department said in a statement.
The FTFA decision comes following the positive conclusions contained in the report of the group of experts, who undertook ground visit in the country from 16 to 18 January 2023, the same source noted.
“This report, by virtue of which Morocco has been removed from the grey list, welcomed the Kingdom’s formal political commitment to the compliance of the national anti-money laundering and countering the financing of terrorism mechanism with international standards, as well as our country’s full compliance with all its commitments within the set deadlines,” part of the statement read.
According to the statement, the exit of Morocco from the grey list “will have a positive impact on sovereign ratings and the ratings of local banks”, as well as “it will strengthen the image of Morocco and its positioning during negotiations with international financial institutions, as well as the confidence of foreign investors in the national economy”.
The decision to remove Morocco from the enhanced supervision process, known as the “grey list”, is the culmination of the Kingdom of Morocco’s efforts and proactive actions, in application of the High Royal Directives, which have involved a battery of legislative, organisational, awareness-raising 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.
“This new victory of the Kingdom responds in an unequivocal manner to those who are active within the European Parliament against Morocco and its interests, as well as to all those who refuse to accept that Morocco is advancing with a firm and determined step in its irreversible march towards progress, transparency and good governance, which distinguishes it in a neighbourhood entangled in an archaism of another time.”
The FATF’s decision thus consecrates Morocco’s regional and continental leadership in the area of good financial governance and positions the Kingdom as a model in this area.
This consecration of the Kingdom by an international financial reference body, comes as a firm response to those who try, without success, to label Morocco as a rogue state.
According to Morocco, the verdict “is also significant in more than one way, insofar as it coincides with the indexation of South Africa, a supporter of the separatist polisario group, to the said grey list.”
Once again, an international body of reference has consecrated Morocco in its strategic, serene and proactive vision of adopting the highest standards in the fight against money laundering and terrorist financing.
“The consecration of Morocco by the FATF in the heart of Paris is ironically an eloquent riposte to those among the French media who have made Morocco bashing an editorial line of conduct, in the service of occult designs from another era.”
