The Financial Action Task Force (FATF) decided unanimously to remove the Kingdom of Morocco from the enhanced monitoring process, known as "grey list", after assessing the compliance of the national system with international standards relating to the fight against money laundering and terrorist financing.
This decision was taken at the FATF General Assembly held in Paris on February 20-24.
FATF’s decision comes after the positive conclusions of a report by the group’s experts, issued at the end of the visit to Morocco on January 16-18.
“This report, by virtue of which Morocco has been removed from the grey list, welcomed the Kingdom’s formal political commitment to the compliance of the national system of combating money laundering and terrorist financing, with international standards, as well as the full compliance by our country with all its commitments within the set deadlines,” it said in a statement.
The Moroccan premiership said that the removal of Morocco from the financial watchlist is the result of the preemptive procedures Morocco has taken upon the King’s directives.
The task force’s decision “will positively impact the sovereign and local bank ratings in addition to improving Morocco’s image and its position in negotiations with international financial institutions as well as fostering trust of foreign investors,” the prime minister’s office said in a statement.
