Anti-money laundering: EC removes Morocco from list of high-risk countries

After leaving the grey list of the Financial Action Task Force (FATF) thanks to its financial transparence, Morocco exits the European Commission’s list of high-risk countries presenting strategic deficiencies in their anti-money laundering and countering the financing of terrorism (AML/CFT).

The decision, announced this Wednesday by the European Commission, will help Morocco attract more foreign investment and boost further the investors’ trust in the Kingdom.

Two African countries have been added to the EC-watch list. These are South Africa and Nigeria. The European Commission said that the list takes into account the information from FATF and the changes decided at the last FATF Plenary of February 2023 in the list of ‘Jurisdictions under Increased Monitoring’ (grey list).

The EU’s executive body revises regularly its list, taking into account recommendations from global financial crimes watchdogs. The European block is protecting itself from financial threats posed by high-risk third countries, defined as nations with significant weaknesses in their AML/CFT system.

The EC directive requires European companies to exercise due vigilance in transactions with customers based in high-risk countries.