The Financial Action Task Force (FATF) has decided, unanimously by its members, to remove Morocco from the grey list, during the FATF General Assembly, held in Paris on February 20-24, 2023, the Department of the Head of Government announced Friday.

“The Financial Action Task Force (FATF) decided, unanimously by its members, 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, since the adoption by the FATF in February 2021, of the action plan specific to the Kingdom of Morocco. This decision was taken at the FATF General Assembly, held in Paris, France, on February 20-24, 2023,” said the Department in a statement.

This FATF’s decision comes after the positive conclusions contained in the report of the group’s experts, issued at the end of the field visit undertaken in Morocco on January 16-18, 2023, notes the same source.

“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,” said the statement.

The decision to remove Morocco from the “grey list”, crowns the efforts and proactive actions of the Kingdom of Morocco, which have focused on a battery of legislative, organizational, awareness and control measures, implemented by the various national authorities and institutions concerned, under the coordination of the National Financial Intelligence Authority, in partnership with legal persons subject to public or private law.

He added that Morocco’s removal from the grey list “will have a positive impact on sovereign ratings and local banks’ ratings,” as well as “it will strengthen Morocco’s image and its positioning in negotiations with international financial institutions, as well as the confidence of foreign investors in the national economy.”

In order to consolidate the gains made in recent years, the Kingdom of Morocco reiterates its strong commitment to continue strengthening the national system of combating money laundering and terrorist financing, in accordance with the evolution of international standards in this area, and stresses that this commitment now has a strategic and institutional character aimed at preserving the national financial system against the dangers of financial crimes, concludes the statement.