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Combating Money Laundering and Financing of Terrorism: A New National Strategy to Fight against

Combating Money Laundering and Financing of Terrorism: A New National Strategy to Fight against

Wednesday, June 12, 2019 at 2:44 pm

Rabat – Morocco will implement a new national strategy against money laundering and terrorist financing, Saad Dine El Otmani, head of government, said on Wednesday in Rabat.

The aim of this strategy is to strengthen coordination and cooperation among the various agencies concerned to ensure more effective and effective measures and actions in this area, said El Odamni at a conference. on the Impact of the National Risk Assessment on the National Anti-Money Laundering and Terrorist Financing Mechanism organized by the Financial Intelligence Unit (UTRF) on the occasion of the 10th anniversary of its establishment.

In this regard, the head of the government noted that Morocco has adopted several sectoral strategies that will form the basis of the new national strategy to combat money laundering and terrorist financing, adding that the Kingdom is constantly and regularly adapting its legal arsenal to the issues with charters and international conventions in this field.

After confirming the strong political commitment of the Kingdom to strengthen the national anti-money laundering and terrorist financing mechanism, Mr. El Odmani stressed that Morocco is finalizing a new draft law aimed at: filling the gaps identified in the peer review report , in order to harmonize the national legal arsenal with the recommendations and standards of the International Financial Action Task Force (FATF).

Mr El Otmani also stressed that the Kingdom is in the process of adopting the national risk assessment report, which will be sent to all stakeholders so that they can take the necessary measures to better control risks. risks following a very specific action plan.

It will also discuss the setting-up of a national commission, which will present all the relevant administrations and bodies, which will be responsible for modernizing and continually updating the results of the national risk assessment and offering a strategy. the fight against money laundering and the financing of terrorism, he added.

Al-Mgarib Bank, Abdellatif Jouahri, welcomed the "qualitative leap" of the anti-money laundering and terrorist financing scheme in Morocco. the national legal arsenal in its preventive and repressive components has undergone fundamental changes to bring it into line with international standards to face the risks inherent to the globalization of the economy and the digitization of transactions.

Al-Macrib, based on the awareness of the importance of this project, is a strategic partner of the Financial Intelligence Unit and a real supporter of the government in the fight against financial crimes, he said, stressing the need to continue efforts to strengthen national anti-laundering of money and the financing of terrorism, given the developing nature of the risks and in the context of the opening of the Kingdom of the rest of the world.

UTRF President Jawhar Nfissi, in turn, highlighted the role UTRF plays in defending the national economy and securing the integrity of the country's financial system, noting that the unit is stepping up its efforts to leverage forces. the national anti-money laundering system and the financing of terrorism according to the best international standards.

In this regard, he noted that the UTRF has made it a priority to improve the technical compatibility of national laws and regulations in the fight against money laundering and terrorist financing with the 40 FATF recommendations.

This conference was an opportunity to present the activities and key achievements of UTRF over the past 10 years as well as the experiences of Morocco, France, Belgium, Spain and Egypt. in the area of ​​national risk assessment relating to money laundering and terrorist financing.

It was marked by the signing of two Memoranda of Understanding between the UTRF on the one hand and the Moroccan capital market authority and the Authority on Insurance and Social Security.

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