Morocco was removed, Wednesday, from the European Union’s grey list of nations under monitoring for money laundering and terrorism funding, according to the European Commission.
This judgment considers information from the Financial Action Task Force (FATF) and revisions approved from the latest FATF Plenary in February 2023 in compiling the list of “Jurisdictions Under Enhanced Surveillance,” also known as the grey list.
Morocco was removed from the list after the Kingdom successfully implemented the action plan agreed upon with the organization.
Morocco has remedied deficiencies in its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) system according to the Commission, and no longer poses a money laundering and terrorist financing threat to the international financial system.
Given that Morocco has strengthened the effectiveness of its AML/CFT regime, along with having addressed technical deficiencies in order to uphold its commitment to address strategic deficiencies identified by the FATF, the Commission’s assessment of the available information leads it to conclude that Morocco no longer exhibits such deficiencies in its AML/CFT regime and should therefore be unburdened of this designation, the EC concluded.
The FATF applauded Morocco’s strong progress in upgrading its AML/CFT system, noting that the Kingdom has put in place the essential legislative and regulatory framework to meet its obligations delineated in the action plan.