Morocco Bolsters Anti-Money Laundering Laws to Meet FATF Standards

The adoption by the House of Representatives of draft law No. 12.18 amending and supplementing the Penal Code and Law No. 43.05 on the fight against money laundering allows Morocco to take a big step in the fight against money laundering. The project aims to track illicit funds and seize them. This law will also align the national legislation with the international standards adopted by the Financial Action Task Force (FATF) and correct the shortcomings of the current legislation.

This project will come into force after its publication in the Official Bulletin. However, the provisions of the first paragraph of Article 38 relating to the jurisdiction of certain courts in terms of money laundering will come into force after the publication of the regulatory text mentioned in the same article.

This is the fourth amendment to the Penal Code since its entry into force in 2007, reports Al Akhbar. This one differs from the amendments of 2011, 2013 and 2015 due to its specificities. Draft law 12.18 amending and supplementing the Penal Code and law 43.05 on the fight against money laundering provides for disciplinary sanctions, including temporary suspension, prohibition or limitation of the exercise of certain activities or the provision of certain services.