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Rabat – Morocco’s central bank, Bank Al-Maghrib (BAM) signed an information exchange protocol with Morocco’s public prosecutor’s office on March 31 in Rabat.
The deal aims to strengthen collaboration between BAM and Morocco’s public prosecution and fight against financial crimes, according to a Bank Al-Maghrib press release.
In addition to establishing a secure channel for sharing data, the protocol equally paves the way for the creation of a national forum on money laundering and stopping the financing of terrorism.
The forum will deliberate on issues related to the national fight against money laundering and the financing of terrorism, advising policymakers on the best strategies to adopt in the fight against financial crimes.
Through the protocol, the two institutions hope to create a shared framework for the protection of financial public order through proactive measures targeting different forms of financial crime.
Morocco’s Central Bank Governor Abdellatif Jouahri signed the protocol with Morocco’s national Public Prosecutor Moulay El Hassan Daki, in the presence of a number of state officials including the chairman of the National Financial Intelligence Authority.
Morocco pledged to ramp up efforts to fight money laundering in 2021 and align its policies with the recommendations of the Financial Action Task Force (FATF), an intergovernmental organization dedicated to the fight against financial crime.
The North African country has started a campaign of training and awareness-raising for financial institutions to become better equipped to detect and handle financial crimes.
Financial crimes are not uncommon occurrences. According to a survey covering 99 territories by consulting firm PwC, nearly half of businesses had fallen victim to financial crimes between 2018 and 2020.
The targeted businesses reported an accumulative loss of capital amounting to $42 billion.
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