EU Removes Morocco from Money Laundering Watchlist After Financial Reforms

The FATF had already removed Morocco from its own gray list after the country implemented a concerted action plan with the group. Thanks to the measures put in place to implement this plan, Morocco has succeeded in filling the gaps in its fight system and no longer poses a threat to the international financial system in terms of money laundering and terrorist financing. The European Commission emphasizes the efforts made by Morocco to strengthen the effectiveness of its mechanisms to combat these crimes and to correct the technical deficiencies, in line with the FATF’s recommendations.

The in-depth assessment of the available information has led the Commission to conclude that Morocco no longer displays strategic deficiencies and deserves to be removed from the gray list.

The procedure for updating the list of high-risk third country jurisdictions involves the drafting of a delegated regulation by the European Commission. This regulation will enter into force after being examined and approved by the European Parliament and the Council. This process, which will last about a month with the possibility of an extension, will officially confirm Morocco’s removal from this list.