Moroccan Legal Professionals Implicated in Money Laundering Scheme

"As part of efforts to improve the national system for combating money laundering, several measures have been taken in accordance with the international standards dictated by the Financial Action Task Force (FATF). This is how the ministry has accelerated the promulgation of Law No. 12.18 amending and supplementing the Penal Code and Law No. 43.05 on the fight against money laundering," recalled Minister Ouahbi in a written response to the House of Councillors.

These texts emphasize the effectiveness of measuring the degree of effective adherence of the financial and non-financial sectors to the system for combating money laundering and terrorist financing, the Minister of Justice said, adding that Morocco has benefited from FATF support on the basis of an action plan. "In this context, the monitoring and control committee has carried out several inspection campaigns that have concerned 3,674 professionals based on several indicators related to the number and volume of contracts signed as well as the degree of risks involved," the minister specified.

Noting the violations of the two laws on money laundering and terrorist financing by these actors, the ministry imposed sanctions against 1,022 offenders and issued warnings and requests for explanation to others who are required to respond within a period of five days.