The European Commission announced on Wednesday the removal of Morocco from the EU’s gray list of countries under surveillance for money laundering and terrorist financing.
This decision takes into account information from the Financial Action Task Force (FATF) and the changes decided at the last FATF Plenary in February 2023 to the list of “Jurisdictions under enhanced surveillance”, known as the “grey list”.
The FATF had, in fact, removed Morocco from its gray list, following the implementation by the Kingdom of its action plan agreed with the group.
According to the Commission, with the measures taken to implement the action plan agreed with the FATF, Morocco has remedied the shortcomings of its system for combating money laundering and the financing of terrorism and no longer represents, for the international financial system, the threat of money laundering and the financing of terrorism.
“Given that Morocco has strengthened the effectiveness of its system for combating money laundering and the financing of terrorism and has corrected its technical deficiencies so as to honor the commitment, made in its action plan, to address the strategic deficiencies identified by the FATF, the Commission’s assessment of the available information leads it to conclude that Morocco no longer has any strategic deficiencies in its system and should therefore be removed from the “grey” list, concludes the EC.
The FATF had welcomed the significant progress made by Morocco in improving its system for combating money laundering and the financing of terrorism and noted that the Kingdom had put in place the legal and regulatory frameworks necessary to honor its commitments. taken in his action plan.