Monday, October 26, 2020

Morocco to launch national strategy to fight money laundering

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Morocco is tightening the noose on organized crime with the upcoming launch of a national strategy to fight money laundering as well as terrorism financing, head of the government Saad Dine El Otmani said.

The strategy would facilitate a better coordination of actions between different departments, said El Otmani at a national conference on the means to combat money laundering and terrorism financing.

So far Morocco has used sector-based mechanisms to fight laundering that shall offer a basis for the national comprehensive strategy, he said, adding that Morocco makes sure to adapt its legislation to the norms of the Financial Action Task Force.

Morocco is also about to adopt the national risk assessment report that will be transmitted to relevant administrations in order to trigger appropriate measures, he said.

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Speaking at the same event, governor of the Central Bank, Abdellatif Jouahri said that Morocco’s legal arsenal has made a leap forward in fighting laundering and terrorism financing.

He said the Central Bank is a key partner of the financial intelligence unit and makes sure to give recommendations to the government in the fight against financial crimes.

At the event, the Moroccan authority for capital markets (AMMC) and the financial intelligence unit (UTRF) signed an agreement to cooperate in the fight against laundering and terrorism financing.

The agreement aims to enhance coordination between the two administrations to fight financial crimes notably through facilitating the exchange of information and expertise.

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