Hazim Sebbata, a Moroccan compliance expert, emphasized that anti-money laundering (AML) compliance is a clear legal obligation, not an option, in a recent statement. This comes after Morocco's removal from the Financial Action Task Force (FATF) grey list in 2023, which marked a significant strengthening of the country's AML and counter-terrorism financing (CFT) framework.
According to verified reports, Morocco's exit from the FATF grey list in February 2023 followed years of reforms to address strategic deficiencies in its AML/CFT regime. The country has since implemented stricter regulations, including enhanced due diligence requirements for financial institutions and designated non-financial businesses and professions (DNFBPs).
Sebbata's remarks highlight that compliance is not merely a recommendation but a legal mandate under Moroccan law, with penalties for non-compliance. The FATF's evaluation noted Morocco's progress in criminalizing money laundering and terrorist financing, as well as improving international cooperation.
Experts say that continued vigilance is necessary to maintain compliance and avoid future grey-listing. The Moroccan government has committed to ongoing reforms, including the adoption of new technologies for transaction monitoring and risk assessment.
