Legal and regulatory framework

Law 43-05 on the fight against money laundering provides for the obligations regarding the prevention of money laundering and terrorist financing (AML-CFT). These obligations relate to the due diligence and internal monitoring measures that must be implemented by the entities subject to the law in both the financial and non-financial sectors, the filing of suspicious activity reports, relations with the National Financial Intelligence Authority (ANRF), the role of supervisory and oversight authorities, and the sanctions applicable in case of non-compliance with the law.

This law, amended and supplemented by Law No. 12-18, published in the Official Bulletin on September 2^nd, 2021, strengthened the national AML-CFT framework both from a preventive and a deterrent perspective.

The main contributions of this legislation are the revision of the institutional framework and the status of the Financial Intelligence Processing Unit (UTRF), the strengthening of the supervisory framework for designated non-financial businesses and professions (DNFBPs), the institutionalization of the central register of beneficial owners of legal entities and legal arrangements, and the adoption of a legal and procedural framework for implementing targeted financial sanctions imposed by the United Nations Security Council related to the fight against terrorism, the proliferation of weapons of mass destruction, and their financing.

The implementing provisions of this law, published in the Official Gazette in 2021, relate to:
The organization and operation of the National Financial Intelligence Authority (ANRF);
The National Commission responsible for implementing targeted financial sanctions against terrorism, the proliferation of weapons of mass destruction, and their financing;
The establishment of the national register of beneficial owners of legal entities and legal arrangements;
The jurisdictions of the courts specialized in money laundering cases (Casablanca, Fes, and Marrakech, in addition to Rabat).