Morocco

New Documents

MENAFATF Re-Rates Morocco on 13 AML/CTF Compliance Recommendations

The Middle East and North Africa Financial Action Task Force published its first enhanced follow-up report for the Kingdom of Morocco, assessing the country’s progress in improving its anti-money laundering and counterterrorist financing framework.

December 22, 2020

OECD, Morocco Sign MoU to Renew Country Program Agreement

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.

June 25, 2019

DFSA, Morocco’s Central Bank Sign MoU on Supervision, Including AML Information Sharing

April 3, 2019

Twenty-Two Countries Issue Joint Communique Concerning Libya, Welcoming Efforts Against Terrorist Groups

September 22, 2016

Transparency International Publishes Report on Asset Declarations in Morocco

May 17, 2016

News

Midweek Roundup: Afghanistan’s Financial System Grinds to Halt, Taliban Orders Banks to Reopen, and More

U.S. officials target Paraguayan money laundering network, N26 pledges better AML controls, and more, in the midweek roundup.

August 25, 2021

Weekly Roundup: Julius Baer Settles US Money Laundering Case, New Zealand Sues TSB Bank, and More

Switzerland penalizes ex-manager of PKB Privatbank, U.S. bank executives remain wary of cryptocurrency, and more, in the weekly roundup.

May 28, 2021

Midweek Roundup: Danske Bank’s CEO Resigns Amid Dutch AML Probe, US Pension Fund Sues Danish Lender, and More

April 21, 2021

Weekly Roundup: FinCEN Fines Capital One, US Far-right Accepted Foreign Cryptocurrency, and More

January 15, 2021

Weekly Roundup: Deutsche Bank Settles Bribery Case, US Officials Place New Controls on Payment Protection Program, and More

January 8, 2021

Enforcement Actions

0 Items Found

Key Documents

Morocco Passes Laws Covering Money Laundering, Terrorism Financing

January 24, 2011

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. Other vehicles through which illicit funds may be transferred include: international casinos, particularly since such businesses do not have any currency control restrictions; unregulated hawalas; and bulk cash smugglers. Additionally, money transfer services present money laundering vulnerabilities due to their volume. In 2019 and 2020, prosecutors convicted 62 cases of money laundering. Morocco continues to classify money laundering as a misdemeanor.

Source: 2021 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 : 59/110

Score : 5.32/10

TRANSPARENCY INTERNATIONAL i

Rank : 86/179

Score : 40/100

Tax Justice Network i

Rank : 72/133

Score : 69\100