São Paulo – Morocco was removed from the gray list of the Financial Action Task Force (FATF), an intergovernmental body established at a G7 meeting in Paris to protect the financial and economic system against threats of money laundering, financing terrorism, and distribution of weapons of mass destruction. FATF announced its decision on Friday (24), as disclosed by the Moroccan Embassy to Brazil in Brasília.
Countries in FATF’s gray list are subject to intensified monitoring by the agency, with governments working jointly with it to address strategic deficiencies in FATF’s action segments. “[Morocco and Cambodia] are no longer subject to the FATF’s increased monitoring process,” announced the task force on its website last Friday.
Morocco’s removal occurred after the Moroccan system was assessed on compliance with international standards in anti money laundering and combating the financing of terrorism. The decision resulted from the positive conclusions of the FATF report on its specialists’ visit to Morocco in January, who observed full compliance with international standards in both areas.
According to the text released by the embassy, Morocco’s removal from the FATF gray list reflects the country’s commitment in this area through the adoption of legislative, institutional, and control measures implemented by the authorities and national institutions under the coordination of the National Financial Intelligence Authority (ANRF).
Morocco expects a positive impact on its sovereign rating, boosting its attractiveness and foreign investors’ confidence in the local economy. “Morocco remains fully committed to the fight against money laundering and terrorist financing, following the evolution of international standards in this area and for the preservation of the national financial system against financial crimes,” said the statement.
Translated by Elúsio Brasileiro
