Rabat Renews Commitment to Combat Terror Financing

Morocco has renewed its strong commitment to combat terrorism and its funding, as the scourge threatens peace and stability in the region and the world.

Speaking at an international conference held Thursday in Paris under the theme:” No Money for Terror”, Moroccan Finance Minister Mohamed Boussaid said the fight against terror financing remains a priority for the North African Kingdom in line with the UN security council resolutions and recommendations of the Financial Action Task Force (FATF).

Morocco is fostering coordination at the national level with all stakeholders, enhancing its international cooperation ties, and strengthening operational capacity of the security agencies, underlined the minister.

He recalled in this regard the strides made by the country to facilitate access to financial services, reduce the use of cash and encourage citizens to use legal financing channels which enabled the country to better monitor and combat terrorism funding.

The Paris conference “No Money for Terror” looked into ways of strengthening the efficiency action against terrorism financing to defeat jihadists.

In their final statement, participants stressed the importance of setting an integrated approach to countering terrorism and terrorism financing. They also vowed to step up their national and collective involvement in the fight against the financing of terrorist individuals, groups, undertakings and entities associated with ISIS (Daesh) and Al-Qaeda.

They also voiced commitment to strengthen the operational chain, allowing financial intelligence units, judicial authorities and law enforcement agencies to gather and share information on the financing of the individuals, groups and entities associated with terrorists, while respecting human rights, privacy and data protection.

The conference called on financial intelligence units and intelligence services to establish partnerships with financial and private sectors to monitor the suspicious activities, sources and methods of financing.

It also called for the improvement of IT resources of financial intelligence units, raising the awareness of concerned private sector representatives and authorities, including export control bodies, with regard to the risk of terrorist individuals, groups, undertakings and entities acquiring weapons, including weapons of mass destruction, as well as sensitive goods and technologies.

Participants pledged to combat anonymous financial transactions by enhancing the traceability and transparency of financial flows.