The Moroccan prime minister has decided to buckle down on money laundering as well terrorism financing.
Rabat – Speaking at a national conference in Rabat on the means to combat money laundering and the funding of terrorism, the head of Morocco’s government Saad Dine El Othmani announced plans to launch a new national strategy to fight terrorism financing and money laundering.
The prime minister explained that the new strategy will better coordinate communication and actions of different government and police departments.
Historically, Morocco has utilized sector-based mechanism to battle laundering but with the new strategy Morocco is taking steps to adapt its legislation to the norms of the Financial Action Task Force.
Morocco will also adopt the national risk assessment report which will be sent to relevant administrations, so actioning appropriate measures, the head of government explained.
During the national meeting the legislative leader of the Central Bank, Abdellatif Jouahri praised the developments in Morocco’s legislation and strategy aimed to fight against laundering and the funding of terrorism.
The Central Bank is a key supporter of Morocco’s Financial Intelligence Unit regularly informs the government strategy in its fight against financial crimes.
At the conference, the Moroccan Authorities for Capital Markets (AMMC) and the Financial Intelligence Unit (UTRF) signed an agreement to cooperate in the fight against laundering and the funding of terrorism.
The agreement aims to enhance coordination between administrations in order to facilitate the exchange of information and expertise.