Authorities in Morocco documented a 10% rise in reports related to suspected money laundering and terror financing in 2023, according to an annual report released by the National Financial Intelligence Authority (NFIA).
Disclosures relating to suspected money laundering and terror financing activities went from 5,208 in 2022 to 5,777 in 2023.
NFIA President Jawhar Nfissi attributed the growth in reporting to enhanced coordination with financial and non-financial sectors, as well as intensified awareness campaigns. The authority’s proactive approach, combined with robust partnerships, has fostered greater vigilance and reporting by banks, payment institutions, and other key stakeholders.
Banks led the reporting entities, contributing 44% of total disclosures. Payment institutions followed closely, accounting for 29%. The report also highlighted a notable 44% increase in disclosures from non-financial professions and businesses, reflecting the expanding reach of the country’s financial monitoring system.
The NFIA’s efforts included targeted information requests to partners, automated data sharing, and access to crucial databases such as customs, taxation, and bank account records. The measures enhanced the quality of investigations and reduced response times.
The 2023 report also noted that Morocco has been removed from the Financial Action Task Force’s (FATF) gray list. The listings significantly affect a country’s ability to attract investment.