Money laundering: Morocco and Senegal pinned by FATF

Morocco, Senegal, Burkina Faso and the Cayman Islands were on Thursday monitored by the Financial Action Task Force (Gafi), if one relied on the franchise for their failure in the fight against money laundering and terrorism financing. At the end of a plenary meeting, this inter-governmental body added these four countries to the “gray list” of countries with “strategic deficiencies”, but who implemented work plans in a time-bound manner to improve their position. Have done

In October 2020, Lady Kovid obliged, the FATF decided to resume its work to identify new countries with strategic AML / CFT deficiencies and prioritize the examination of registered countries with expired or no deadlines. . The following countries have reviewed their progress by the FATF since October: Albania, Botswana, Cambodia, Ghana, Mauritius, Myanmar, Nicaragua, Pakistan, Panama, Uganda and Zimbabwe. Barbados and Jamaica have chosen to defer reporting due to the epidemic. Upon review, the FATF identified Burkina Faso, Cayman Islands, Morocco and Senegal as jurisdictions with strategic gaps.

In February 2021, Morocco made a high-level political commitment to work with the FATF and MENAFATF to strengthen the effectiveness of their AML / CFT regime. Since the completion of its MER in 2019, Morocco has progressed on its MER deficiencies to improve technical compliance and efficiency, in order to coordinate the activities and objectives of all relevant AML / CFT agencies. So that ML / FT can be identified. And adjusted according to the change in risks, the report tells us.

Morocco will work to implement its action plan in seven points. Demonstrate effective implementation of case management systems to provide timely feedback and prioritize mutual aid requests according to the country’s risk profile; Improve risk-based supervision, take corrective action, and effectively implement proportional and discouraging sanctions for noncompliance; Ensuring that beneficial ownership information is sufficient, accurate and verified, including information on legal persons and foreign legal structures; Increase diversity of STR reports; Provide FIUs with sufficient financial and human resources to strengthen their analytical capabilities to fulfill their fundamental mission of operational and strategic analysis; Prioritize the identification, investigation, and prosecution of all types of MLs based on the nation’s risk and, ultimately, the LAA, prosecutors and, for conducting parallel financial investigations, using financial intelligence, confiscating assets and providing mutual legal assistance Build capacity of other concerned officers.

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