Morocco

New Documents

Morocco Regulator Updates AML/CTF Practical Guidance

Moroccan Capital Market Authority announced that it updated its practical guide on anti-money laundering and counterterrorist financing following the latest developments in the country’s legal and regulatory framework.

November 21, 2022

US, Allies Participate in Meeting to Combat Terrorism in Africa

The governments of the United States, Morocco, Niger, and Italy issued a joint statement following their recent Global Coalition to Defeat ISIS Africa Focus Group Meeting.  

October 28, 2022

COE: Morocco Accedes to Convention on Proceeds of Crime Confiscation

April 26, 2022

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

December 22, 2020

OECD, Morocco Sign MoU to Renew Country Program Agreement

June 25, 2019

News

Weekly Roundup: Deutsche Bank Bends to Pressure to Leave Russia, Britain Blacklists Soccer Club Owner, and More

U.S. financial institutions exit Russia, Germany rejects SWIFT ban for Sberbank, and more, in the weekly roundup.

March 11, 2022

Weekly Roundup: FinCEN Prepares Regulatory Sandboxes, US Senators Pitch Sweeping Sanctions Against Russia, and More

Australian AML probe of Star Entertainment Group expands, South Africa’s Standard Bank fined by the Isle of Man, and more, in the weekly roundup.

January 14, 2022

Weekly Roundup: London Law Firm Penalized for AML Lapses, Global Regulatory Fines Plummeted in 2021, and More

January 7, 2022

Weekly Roundup: Swiss Probe Private Lender’s AML Breaches, UBS Handled Suspicious Congolese Funds, and More

December 10, 2021

Midweek Roundup: FinCEN Targets Legal Entities and Real Estate Market, US Threatens Russia with SWIFT Ban, and More

December 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