International roadshow: FATF’s helping hand
Morocco is under a lucky star. While a delegation led by Nadia Fettah started a roadshow in England and in the US to raise funds on the international financial market, the Financial Action Task Force (FATF) decided to remove Morocco from the gray list. This resolution, eagerly awaited by the Moroccan government and financial circles, was taken unanimously by its members.
Concretely, the case was heard in the middle of last week and officially validated in a plenary session, during the general assembly of FATF, held in Paris on Friday, February 24th. Thus, after a long observation and evaluation of the compliance of the national system with the international standards relating to the fight against money laundering and the financing of terrorism, the case is settled once and for all. Morocco confirms that it has fulfilled the conditions that allow it to leave this enhanced surveillance process, known under the generic name of «the gray list». It must be said that this gray list has been a major handicap for Morocco in its relations with the international community, particularly donors. In any case, this exit will have a positive impact on sovereign ratings and those of local banks and will also strengthen Morocco’s image and its positioning during negotiations with international financial institutions. Similarly, this exit from the gray list will inevitably consolidate the confidence of foreign investors in the national economy, especially since this decision is concurrent with Morocco’s fundraising efforts under way on the international market.
According to the press release from the Head of Government, this decision by FATF comes following the positive conclusions of certain experts from this group who carried out a field visit in Morocco between January 16 and January 18. Their report commends the Kingdom’s formal political commitment to the compliance of the national mechanism for the fight against money laundering and the financing of terrorism, with international standards, as well as Morocco’s full compliance with all its commitments on time, noted the press release from the Prime Minister’s Office. This good news is the result of the efforts and proactive actions initiated by Morocco, in accordance with royal instructions. These operations focused on a set of legislative, organizational, awareness-raising, and inspection measures, and were implemented by the various parties concerned, under the coordination of the National Financial Intelligence Authority (ANRF), in partnership with other partners.
Mohamed CHAOUI
