Morocco

New Documents

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.

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.

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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. 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 : 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