Fight against money laundering
As part of the efforts made to improve the efficiency of the national system for the fight against money laundering and terrorism financing (AML/TF), Bank-Al-Maghrib has efficiently contributed to the implementation of all measures adopted in this regard. The Bank has upgraded its internal AML/TF regulations, based on an exhaustive census of the texts requiring alignment with the new legal, regulatory and technical provisions.
In addition, within the framework of processing information requests related to customers and transactions from the Financial Information Processing Unit, the Bank has further streamlined the data collection process while maintaining a high level of safety. Moreover, given the risk associated with this kind of operations, the control rules related to foreign payment orders were strengthened, in an international context marked by the adoption of new financial penalties by the United Nations Security Council and the increasing frequency of updating the official sanctions lists. Likewise, and as part of the implementation of the national measures of dual-use products control to comply with international provisions in this area, the Bank has contributed to the development of the entire legal, regulatory and institutional arsenal.
The Bank has also actively contributed to the works of the committees set up at national level responsible for the compliance of this mechanism with the Financial Action Task Force (FATF) standards. These works have led to the reform of nearly all texts that apply to concerned financial and nonfinancial professionals as well as the adoption of Law No. 145-12 having redefined terrorism financing crime which is the last phase of the action plan agreed with the FATF as part of the follow-up process.