Morocco is removed from the GAFI’s grey list

Last updated Feb 24, 2023

The group welcomes the kingdom’s full compliance with its commitments in the fight against money laundering and terrorist financing, within the set deadlines. A positive impact is expected on the sovereign rating and on the positioning during negotiations with international financial institutions.

The Financial Action Task Force ( GAFI/FATF ) decided, unanimously by its members, the removal of the Kingdom of Morocco from the process of enhanced supervision, known as the “grey list”, after evaluation of the compliance of the national system with international standards relating to the fight against money laundering and terrorist financing, and this, since the adoption by the GAFI, in February 2021, of the action plan specific to the Kingdom of Morocco. This decision was taken at the GAFI’s General Assembly, held in Paris, France, from 20 to 24 February 2023.

This decision of the GAFI comes after the positive conclusions contained in the report of the group’s experts, sanctioning the field visit undertaken in our country from 16 to 18 January 2023.

This report, by virtue of which Morocco was removed from the grey list, welcomed the Kingdom’s formal political commitment to the compliance of the national anti-money laundering and combating the financing of terrorism mechanism with international standards, as well as our country’s full compliance with all its commitments within the set deadlines.

The decision to remove Morocco from the enhanced monitoring process, known as the “grey list”, is the culmination of the Kingdom of Morocco’s efforts and proactive actions, in application of the High Royal Directives, which have involved a battery of legislative, organisational, awareness-raising and monitoring measures, implemented by the various national authorities and institutions concerned, under the coordination of the National Financial Intelligence Authority, in partnership with legal entities subject to public or private law.

Morocco’s removal from the grey list will have a positive impact on sovereign ratings and the ratings of local banks, as well as strengthening the Kingdom’s image and its position in negotiations with international financial institutions, and foreign investors’ confidence in the national economy.

To consolidate the gains made in recent years, the Kingdom of Morocco reiterates its strong commitment to continue strengthening the national mechanism to combat money laundering and terrorist financing, in accordance with the evolution of international standards in this area, and stresses that this commitment is now of a strategic and institutional nature aimed at preserving the national financial system against the dangers of financial crime.