Morocco

New Documents

The Organisation for Economic Co-operation and Development (OECD) entered into a Memorandum of Understanding with the Kingdom of Morocco that renews the jurisdiction’s Country Programme Agreement for a period of three years.

The Dubai Financial Services Authority signed a Memorandum of Understanding with Morocco’s Bank Al Maghrib regarding cooperation on the authorization and supervision of banks doing business in Dubai International Financial Centre and the Kingdom of Morocco.

News

Enforcement Actions

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Important Facts

  • The U.S. State Department classifies Morocco as a major money laundering country. Money laundering vulnerabilities in Morocco stem from a large informal sector that is cash-based and includes a high volume of remittances and international trafficking networks. Morocco's geographic location between Europe and Africa make it a conduit for smuggling, drug trafficking, human trafficking, and illegal migration. Unlawful trade in Moroccan-grown cannabis and the trafficking of cocaine from Latin America to Europe via Morocco also generate illicit profits. Launderers transfer funds through real estate and jewelry purchases. Another vehicle through which illicit funds may be transferred is international casinos, particularly since such businesses do not have any currency control restrictions. Additionally, money transfer services present money laundering vulnerabilities due to their volume.
Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 2 High : 0
Largely Compliant : 10 Substantial : 1
Partially Compliant : 24 Moderate : 7
Non-Compliant : 4 Low : 3
Not-Applicable : 0

BASEL i

Rank : 51/141
Score : 5.54/10

TRANSPARENCY INTERNATIONAL i

Rank : 80/180
Score : 41/100

Tax Justice Network i

Rank : 72/133
Score : 69\100