FATF experts travel to Morocco on Monday to assess its exit from “grey list”

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A group of experts from the Financial Action Task Force (FATF) will travel next Monday to Morocco, where for three days they will evaluate the measures implemented by the Government of the Maghreb country to leave the “gray list” of the financial organization.

The visit was mentioned in a meeting between the presidents of the Government, Aziz Ajanuch, and the National Financial Intelligence Authority (ANRF, in French), Jawhar Nfissi.

During the meeting, Nfissi presented the ANRF’s 2021 annual report in which he highlighted an increase in the institution’s activity with regard to reports submitted on suspicious transactions, national and international requests for information processed, or appeals sent to the competent judicial authorities.

Nfisi also highlighted the achievements related to “the improvement of the national system for combating money laundering and terrorist financing and its harmonization with international standards.”

The experts will be informed of “the most important achievements of the kingdom in terms of the implementation of the axes of the action plan agreed with the group on the ground, with a view to leaving the reinforced follow-up process as soon as possible,” says a statement from the Presidency of the Government published on Friday night.

The FATF is an intergovernmental institution whose objective is to develop policies that help combat money laundering and terrorist financing.

At its last general assembly last October, FATF decided to keep Morocco on the “grey list” (which covers regimes with legislative deficiencies and measures to combat money laundering) and agreed with Rabat a field visit by its experts to evaluate the implementation of the action plan agreed between both parties in February 2021 (date from which the Maghreb country was subjected to a surveillance process by this body).

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The evaluation of the FATF experts will be decisive so that Morocco can leave the “gray list” of the organization at its next meeting scheduled in February.

Leaving this list means for Morocco to meet the requirements of the International Monetary Fund (IMF), an organization with which it is currently negotiating to access a Flexible Credit Line (FCL).

The governor of the Moroccan central bank, Abdelatif Jouahri, said last December that the approval of this line could be next March if his country meets the requirement to leave the FATF “grey list”.

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