The Financial Action Task Force (FATF) has decided to remove Morocco from the reinforced monitoring process, known as the “grey list”, at the FATF General Assembly, held in Paris (France) from February 20 to 24, 2023.

This decision taken by the Financial Action Task Force in the capital of France has been based on the compliance assessment of the Moroccan national system with international standards on combating money laundering and terrorist financing, since the adoption by the FATF in February 2021, of the action plan specific to the Kingdom of Morocco.

The fruitful decision to withdraw the country from the “grey list”, crowns the efforts and proactive actions taken by the Kingdom of Morocco, in accordance with the High Royal Directives, which focused on a battery of legislative, organizational, awareness-raising and control measures, implemented by the various national authorities and institutions concerned.

Thus, the removal of Morocco from the “grey list” constitute a great achievement for the country at a continental level, proving once again the continuous progress of the kingdom in areas of transparency and good governance at times where the African continent continue to struggle with illicit financing and bad governance. Accordingly, this decision proves unequivocally that Morocco is an example of fighting illicit financing in his region and the African continent, who continues to be threatened by terrorism and political instability.

Furthermore, the decision of the Money Laundry Watch dogs shows the clear commitment of Morocco at a continental level to uphold the international standards in combatting money laundering and the financing of terrorism. Indeed, Morocco’s removal from the grey list will have a positive impact on sovereign ratings and ratings of local banks, as well as strengthen Morocco’s image and positioning in negotiations with international financial institutions, as well as the confidence of foreign investors in the national economy.

Hitherto, the removal of the country from the grey list comes at a time where different parties tried during the recent months to taint the image of Morocco at the international level. Nevertheless, the decision of the Money Laundry Watch dog has brought once again a clear confirmation of the engagement and leadership of the country at an international level. 

Consequently, the fruitful decision to withdraw Morocco happened during particular circumstances where different African countries has been maintained or added into the grey list for failing to uphold the standard set by the FATF in combatting illicit financing. Indeed, South Africa have been placed, during the same meeting, on the grey list by the FAFT, for not being fully compliant with anti-money laundering and terrorist financing standards.