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Morocco Mutual Evaluation Report Anti-money laundering and counter- terrorist financing Middle East and North Africa measures Financial Action Task Force Kingdom of Morocco Mutual Evaluation Report April 2019 Kingdom of Morocco Document Language: English. Original Language: Arabic. Morocco is a member of the Middle East and North Africa Financial Action Task Force for combating Money Laundering and Terrorist Financing (MENAFATF). This evaluation was conducted by MENAFATF and the Mutual Evaluation Report was discussed and adopted by the Plenary of the MENAFATF on 24 April 2019.This report presents a summary of the anti-money laundering (AML) / counter-terrorist financing (CFT) measures in place in Morocco as at the date of the on-site visit (5-20 March 2018). The report analyzes the level of compliance with the FATF 40 Recommendations and the level of effectiveness of Morocco’s AML/CFT system and provides recommendations on how the system could be strengthened. ©2019 MENAFATF. All rights reserved. No reproduction or translation of this publication may be made without prior written permission. Requests for permission to further disseminate, reproduce or translate all or part of this publication should be obtained from the MENAFATF, P.O. Box 10881, Manama, Kingdom of Bahrain (e‐mail: [email protected]). Table of content Executive Summary ............................................................................................................................................................. 4 Key Findings ........................................................................................................................................ ….4 Risks and General Situation .......................................................................................................................... 5 Overall level of Compliance and Effectiveness ................................................................................................... 6 Priority Actions ....................................................................................................................................... 13 Effectiveness & Technical Compliance Ratings ........................................................................... 14 MUTUAL EVALUATION REPORT ................................................................................ 15 Preface ............................................................................................................................ 15 CHAPTER 1. ML/TF RISKS AND CONTEXT ............................................................... 16 ML/TF Risks and Scoping of Higher Risk Issues ................................................................................... 16 Materiality.......................................................................................................................................................... 21 Structural elements ............................................................................................................................................. 22 Background and other contextual factors ............................................................................................. 22 Chapter 2. NATIONAL AML/CFT POLICIES AND CO-ORDINATION ................... 29 Key Findings and Recommended Actions ............................................................................................ 29 Immediate Outcome 1 (Risk, Policy and Co-ordination) .......................................................................... 30 CHAPTER 3. LEGAL SYSTEM AND OPERATIONAL ISSUES ................................ 36 Key Findings and Recommended Actions ............................................................................................ 36 Immediate Outcome 6 (financial intelligence ML/TF) ............................................................................. 39 Immediate Outcome 7 (ML investigations and prosecution)...................................................................... 50 Immediate Outcome 8 (Confiscation) ................................................................................................. 54 Chapter 4. TERRORIST FINANCING AND FINANCING OF PROLIFERATION .. 61 Key Findings and Recommended Actions ............................................................................................ 61 Immediate Outcome 9 (TF investigations and prosecution) ...................................................................... 64 Immediate Outcome 10 (TF preventive measures and financial sanctions) .................................................... 68 Implementation of targeted financial sanctions for TF without delay .......................................................... 68 Immediate Outcome 11 (PF financial sanctions) .................................................................................... 72 Chapter 5: PREVENTIVE MEASURES ........................................................................... 74 Key Findings and Recommended Actions ............................................................................................ 74 Immediate Outcome 4 (Preventive measures) ....................................................................................... 75 Chapter 6. SUPERVISION ................................................................................................. 85 Key Findings and Recommended Actions ............................................................................................ 85 Immediate Outcome 3 (Supervision) .................................................................................................. 86 Chapter 7. LEGAL PERSONS AND ARRANGEMENTS ............................................ 101 Key Findings and Recommended Actions .......................................................................................... 101 Immediate Outcome 5 (Legal persons and arrangements) ....................................................................... 102 Chapter 8. INTERNATIONAL CO-OPERATION ........................................................ 105 Key Findings and Recommended Actions .......................................................................................... 105 Immediate Outcome 2 (International Co-operation) .............................................................................. 106 TECHNICAL COMPLIANCE ANNEX .......................................................................... 117 Recommendation 1— Assessing risks & applying a Risk-based approach................................................... 117 Recommendation 2 – National cooperation and Coordination ................................................................. 120 Recommendation 3 – Money Laundering offense ................................................................................................ 121 Recommendation 4 - Confiscation and provisional measures .................................................................. 123 Recommendation 5 – Terrorist financing offence ................................................................................. 125 Recommendation 6 - Targeted financial sanctions related to terrorism and terrorism financing. ....................... 127 Recommendation 7 - Targeted financial sanctions related to proliferation. ................................................. 130 Recommendation 8 - Non-profit organizations. ................................................................................... 132 Recommendation 9 – Financial institution secrecy laws ........................................................................ 133 Anti-Money Laundering and Counter-Terrorist Financing Measures in the kingdom of Morocco MENAFATF2019@2019 2 Recommendation 10 - Customer due diligence .................................................................................... 134 Recommendation 11 – Record–keeping ............................................................................................. 142 Recommendation 12 - Politically exposed persons ............................................................................... 143 Recommendation 13 – Correspondent banking .................................................................................... 145 Recommendation 14 – Money or value transfer service ......................................................................... 146 Recommendation 15 – New Technologies .......................................................................................... 147 Recommendation 16 – Wire Transfers .............................................................................................. 148 Recommendation 17 – Reliance on third Parties .................................................................................. 151 Recommendation 18 - Internal controls and foreign branches and subsidiaries ............................................ 153 Recommendation 19 – Higher-risk countries ...................................................................................... 155 Recommendation 20 - Reporting of suspicious transactions .................................................................... 156 Recommendation 21 –Tipping-off and confidentiality ........................................................................... 156 Recommendation 22- DNFBPs: Customer due diligence ........................................................................ 157 Recommendation 23 – DNFBPs: Other measures ................................................................................. 159 Recommendation 24- Transparency and beneficial ownership
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