FATF: Morocco's 'Significant Progress' In Combating Money Laundering

Date : 20 10 2013

 

 

The Financial Action Task Force (FATF) has welcomed Morocco's "significant progress" in fighting money laundering and combating the financing of terrorism (AML/CFT), noting that the Kingdom has established the legal and regulatory framework to fulfill the commitments made in its action plan on the strategic failures identified by FATF in February 2010.

 

In a statement released, Friday in Paris, FATF announced that Morocco "is no longer subject to the ongoing compliance monitoring process in terms of AML / CFT conducted by the Group.

 

"Morocco will continue to work with FATF MENA (Financial Action Task Force in the Middle East and North Africa) to address all the AML / CFT related issues, identified in its Mutual Evaluation Report,"  FATF notes.

 

The Financial Action Task Force was established in July 1989 at the G7 Summit in Paris to discuss and develop measures against money laundering. In October 2001, it expanded its mandate to include efforts to combat the financing of terrorism.

 

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