Financial Action Task Force Removes Morocco From Its Grey List
Paris, February 25 (TNA) The Financial Action Task Force (FATF) on Friday unanimously decided to remove Morocco from the grey list at its General Assembly held from February 20 to 24, 2023 in Paris. This decision follows a positive assessment of the measures Morocco has put in place to combat money laundering and terrorist financing.
The report of the group's experts welcomed the formal commitment of the Kingdom to the compliance of its national system with international standards as well as the respect of all its commitments within the set deadlines.
This decision is the culmination of the Kingdom of Morocco's efforts and proactive actions, in application of the High Royal Directives, which have included a range of legislative, organizational, awareness-raising and monitoring measures implemented by the various national authorities and institutions concerned.
Morocco's removal from the grey list will have a positive impact on sovereign ratings and the ratings of local banks, strengthen Morocco's image and positioning in negotiations with international financial institutions, and increase foreign investors' confidence in the national economy.
Morocco is committed to continuing to strengthen its national anti-money laundering and anti-terrorist financing system, in accordance with the evolution of international standards in this area, in order to consolidate the gains made in recent years, an official said.
The FATF's decision confirms Morocco's regional and continental leadership in good financial governance and positions the Kingdom as a model in this area. This consecration of the Kingdom by an international financial authority of reference comes as a scathing response to the detractors in the European Parliament, those who try, without success, to label Morocco as a rogue state.
This new victory of the Kingdom responds clearly to all those who refuse to accept that Morocco is moving forward with a firm and determined step in its irreversible march towards progress, transparency and good governance, which distinguishes it in a neighborhood entangled in an archaism of another time.
This commitment is now of a strategic and institutional nature aimed at preserving the national financial system against the dangers of financial crimes. This decision marks a victory for Morocco, which is now in a good position to strengthen its position in international financial markets and attract more foreign investors.