Morocco Set to Pass Stricter Anti-Money Laundering Law, Aligning with Global Standards

It was by a unanimous vote of the commission members that this adoption took place on Tuesday at 2 a.m., in the presence of the Minister of Justice, Mohamed Benabdelkader. The project was definitively adopted on Tuesday at 12 p.m., during a plenary session.

This project will mainly reorganize and strengthen the system for investigating and prosecuting money laundering in Morocco, in order to bring the legal framework into line with the 40 recommendations set out by the Financial Action Task Force (FATF) and the relevant standards. In addition, for effective anti-money laundering efforts, research teams have been equipped. A national commission has also been set up to permanently update the legislation of this law.

This law will promote the consolidation of the role of the Financial Intelligence Processing Unit (UTRF), which will henceforth be called the "National Financial Intelligence Authority", and will operate under the authority of the Head of Government. However, the UTRF will retain its supervisory and control powers, and will be responsible for the application of financial penalties, including the freezing of assets of legal or natural persons, in collaboration with the financing of terrorism as required by the UN.