Morocco Strengthens Fight Against Financial Crime: Prime Minister Receives 2023 AML/CFT Report
On Thursday, December 12, 2024, Moroccan Prime Minister Aziz Akhannouch met with Jawhar Nfissi, head of the National Financial Intelligence Unit (NFIU), to receive the unit’s annual report for 2023. This meeting fulfills the requirements of Law No. 05-43, concerning the fight against money laundering, as amended. The report highlights Morocco’s ongoing commitment to combating financial crime and upholding international standards in Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
The report, which serves as the third national risk assessment for money laundering and terrorist financing, revealed a significant increase in the NFIU’s activity throughout 2023. This surge includes a rise in suspicious activity reports filed, information requests received both domestically and internationally, and referrals to relevant judicial authorities. This uptick in activity suggests both a heightened awareness of financial crime within Morocco and a more proactive approach by authorities in pursuing these cases. Globally, financial crime is a growing concern, with the United Nations Office on Drugs and Crime estimating that between 2% and 5% of global GDP, or $800 billion to $2 trillion, is laundered annually. [Link to UNODC or similar statistic source if available]
The report also underscored Morocco’s international collaborations. The NFIU has actively engaged with specialized international and regional organizations and bodies, reinforcing Morocco’s position on the global stage and demonstrating its dedication to fulfilling its international AML/CFT obligations. This international cooperation is crucial in combating transnational financial crime, as criminals often exploit loopholes and differing regulations across jurisdictions. The Financial Action Task Force (FATF), a global intergovernmental organization setting standards for AML/CFT, emphasizes the importance of international cooperation in effectively tackling these issues. [Link to FATF or similar source if available]
During the meeting, Mr. Nfissi outlined the steps taken to enhance the effectiveness of Morocco’s national AML/CFT framework. These measures include strengthening national coordination among various stakeholders, including judicial authorities, law enforcement agencies, and supervisory and regulatory bodies. This collaborative approach is essential for ensuring a unified and robust response to financial crime. Mr. Nfissi emphasized the importance of these measures in improving compliance with the FATF recommendations, aligning Morocco with international standards and the requirements of mutual evaluations. These evaluations assess a country’s effectiveness in implementing AML/CFT measures and identify areas for improvement.
Morocco’s commitment to strengthening its AML/CFT framework is vital for protecting its financial system and contributing to the global fight against illicit finance. By fostering domestic collaboration and engaging in international cooperation, Morocco is taking significant strides towards creating a more secure and transparent financial landscape. This proactive approach not only safeguards the integrity of Morocco’s economy but also reinforces its commitment to international standards and best practices in combating financial crime.
