FATF removes Morocco from 'grey list'

PARIS - International financial crime watchdog the Financial Action Task Force (FATF) said on Friday it removed Morocco and Cambodia from its so-called "grey list" of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing.

The FATF is an inter-governmental organisation that underpins the fight against money laundering and terrorism financing by setting global standards and checking if countries respect them.

Morocco and Cambodia are no longer subject to increased monitoring by the FATF, according to the watchdog’s report.

In February 2021, Morocco made a high-level political commitment to work with the FATF and MENAFATF to strengthen the effectiveness of its AML/CFT regime.

At its October 2022 plenary, the FATF has made the initial determination that Morocco has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of Morocco’s AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future. 

The watchdog said it places a country on its "grey list" under increased monitoring when the country has "committed to resolve swiftly the identified strategic deficiencies within agreed timeframe."  

Morocco’s new victory in Paris

Morocco’s new victory in Paris responds in an unambiguous way to those who are active within the European Parliament against the kingdom and its interests, as well as to all those who refuse to accept that Morocco is advancing a firm and determined step in its irreversible march towards progress, transparency and good governance, which distinguishes it in a neighbourhood entangled in an archaism of another time.

This new FATF decision enshrines Morocco's regional and continental leadership position in terms of good financial governance and positions the Kingdom as a model in this area.

This consecration of the Kingdom by a renowned international financial body, comes to bring a scathing answer to the detractors within the European Parliament, those there even who try, without success, to stick in Morocco the label of a rogue state.

Morocco's exit from the surveillance zone, known as the grey list, at the very moment when South Africa - a supporter of the separatist Polisario Front - is entering it, is significant in more ways than one and comes to crown the efforts and private actions of the Kingdom in application of King Mohammed VI’s directives.

The consecration of Morocco by the FATF in the heart of Paris is ironically an eloquent response to those among the French media who have made Morocco bashing an editorial line of conduct, in the service of occult designs from another era.

The FATF decision will thus strengthen the image and position of the Kingdom in negotiations with international financial institutions, as well as the confidence of foreign investors in the national economy.