Central Bank of Morocco

Institutional framework

The national anti-money laundering and counter-terrorist financing (AML/CFT) system is supported by several actors at the national level, including the National Financial Intelligence Authority (ANRF), the National Commission in Charge of Implementing the Sanctions Provided for by the United Nations Security Council Resolutions Related to Terrorism, the Proliferation of Weapons, and Their Financing (CNASNU), the supervisory and control authorities for the financial and non-financial sectors, law enforcement authorities and other public administrations.

All of these institutions are members of the ANRF's Board of Directors. This authority ensures the strategic and operational coordination of the system pursuant to the provisions of Article 15 of Law 43-05 on the fight against money laundering.

The missions and responsibilities of the main actors in the system are as follows:

1. Tasks and powers of the ANRF

This authority is the National Financial Intelligence Authority responsible for coordinating the actions of national authorities in the fight against money laundering and terrorist financing. Its main powers are:

a) General and policy responsibilities

Propose to the government any necessary legislative, regulatory or administrative reforms relating to AML/CFT;
Set specific conditions for transactions falling within the scope of the AML law;
Collaborate and participate with the relevant departments and other bodies in studying measures to be implemented to combat ML/TF;
Ensure compliance by regulated persons with the provisions laid down by law;
Ensure national coordination between government departments, public administrations and institutions, and other legal persons governed by public or private law in the area of AML/CFT.

b) Operational responsibilities

Receive suspicious activity reports and other information related to one or more offences relating to ML/TF and underlying offences, analyse them and disseminate the results of this analysis;
Forward the information and the results of the analysis carried out, on its own initiative or on request, to the competent judicial or administrative authorities;
Exercise the right of communication with regulated persons and administrations, public institutions and other legal persons governed by public or private law;
Forward cases that may constitute a BC/FT offence to the competent Public Prosecutor's Office;
Exchange information with foreign FIUs and foreign authorities with similar powers.

c) Supervisory and control powers

Acts as the supervisory and control authority for regulated persons who do not have a supervisory and control authority designated by law.
Ensures compliance by regulated persons with the provisions of Law No. 43-05 and sets the terms and conditions for the implementation of the provisions of said law.

2. Role of the CNASNU

Within the framework of the powers conferred upon it by Article 32 of Law No. 43-05 on the fight against money laundering, as amended and supplemented, the CNASNU is responsible for the following tasks:

Monitoring Security Council resolutions relating to its mandate, as well as any amendments thereto, and publishing, disseminating and monitoring their implementation;
Providing the necessary information concerning proposals to include persons and entities on the Security Council lists, together with supporting arguments;
Ensuring that information on listed individuals and entities, as well as information on measures taken against them, is provided to the relevant local authorities and ensuring that this information is used;
Adopt explicit measures regarding requests for removal from the list of persons and entities that do not meet the criteria for inclusion;
Identify persons and entities that meet the criteria by means of a reasoned decision and proceed automatically to include them on the local list;
Periodically review this list;
Freeze assets and examine the possibility of granting access to frozen property, capital and other funds;
Submit to the government any proposals concerning appropriate measures and procedures for the proper implementation of the recommendations and proposals made by the Commission and falling within its competence.

3. Supervisory and regulatory authorities

The authorities responsible for monitoring compliance with due diligence obligations, including the document retention obligation provided for in Article 7 of the aforementioned Law No. 43-05, are the supervisory and regulatory authorities listed in Article 13-1 of that law, namely:

The government authority responsible for justice for lawyers, notaries and adouls (notary public);
The government authority responsible for finance with regard to offshore holding companies, chartered accountants and certified accountants;
The government authority responsible for the interior and the government authority responsible for finance for casinos and gambling establishments;
The government authority responsible for housing for estate agents;
Bank Al-Maghrib for credit institutions and similar organizations, as well as financial conglomerates subject to its supervision;
The Foreign Exchange Office for currency exchange companies;
The Financial Market Authority (AMMC) with regard to management companies of undertakings for collective investment in transferable securities, management companies of undertakings for collective investment in capital, institutions managing collective investment funds in securitization, real estate collective investment undertakings, stockbrokers, financial investment advisers and securities account keepers, as well as financial conglomerates subject to its supervision;
The Customs and Indirect Taxes Administration for dealers in precious stones and metals and traders in antiques or works of art;
The Supervisory Authority of Insurance and Social Welfare (ACAPS) for insurance and reinsurance companies, insurance agents and brokers, and any entity authorized to offer insurance transactions; institutions that manage mandatory or optional pension schemes offering the possibility of exceptional and voluntary contributions, the National Pension and Insurance Fund for authorized insurance schemes, and financial conglomerates subject to its supervision.