Morocco Tightens Anti-Money Laundering Laws to Meet Global Standards

The government of Saâdeddine El Otmani has defined a new framework to effectively combat money laundering and the financing of terrorism, reports Les Inspirations Eco.

According to the same source, this draft law, which will be discussed at the next council of government, will have the merit of correcting the weaknesses identified in the mutual evaluation report. This will harmonize the national legal arsenal with the forty recommendations and standards of the Financial Action Task Force (FATF).

The national legal arsenal to combat money laundering and the financing of terrorism has made significant progress in 2007 and 2017, two years marked by two successful evaluation phases.

Morocco has also adopted national and sectoral strategies focused on the preventive and repressive aspects. "These strategies have been very important sources of information for the national risk assessment. Similarly, the results of this assessment will be taken into account in the implementation of these various strategies and in the development of the overall strategy," said the Financial Intelligence Processing Unit (UTRF).