Morocco Ranks 75th in Global Financial Crime Resilience Index

With a score of 2.14 points, Morocco was ranked 75th out of a total of 177 countries. The kingdom falls into the category of "vigilant countries" that implement effective measures to combat financial crimes and an effective regulatory framework aimed at strengthening their resilience to financial and economic crime risks. 63 other countries, including the United States of America, Germany and Japan are classified in this category.

Finland, Denmark and Iceland dominate this global ranking. They are considered "transparent countries". They are followed by Norway, Sweden, Canada and Singapore, which are classified in the category of countries experiencing the least financial crimes in the world. In the category of poorly organized countries where there is a high rate of financial crimes and corruption, we find 16 countries, including Yemen, Libya, Iran, Syria, Chad, Sudan and Venezuela. Myanmar closes the ranking.

The Global Economic and Financial Crime Index was based on three main criteria: money laundering, corruption and organized crime. According to the report by Secretariat company, money laundering, fraud and market abuse have reached alarming proportions due to the development of artificial intelligence, virtual assets, as well as decentralized finance.

Illicit financial flows in the world will reach from 4,500 to 6,000 billion US dollars by 2030 and financial crimes enhanced by artificial intelligence will increase by 60% by the end of the current year, indicates the report, insisting on the importance for financial institutions to adopt regulatory technology solutions (RegTech) to enhance compliance effectiveness and proactively combat financial crime. It also emphasizes the need to develop mechanisms for detecting and combating electronic financial fraud supported by artificial intelligence.