Morocco’s removal from the European Union’s watchlist of countries under surveillance for money laundering and terrorist financing will benefit the country’s economy and facilitate capital flows in and out of the country, a global anti-money laundering expert has said.
The North African country was removed from the list of high-risk countries for money laundering and terrorism financing in a decision announced by the European Commission on Wednesday.
Morocco had been removed from the Financial Action Task Force (FATF) gray list in February after the kingdom implemented an action plan agreed upon by the group. Morocco was originally added to the gray list in February 2021.
The Commission said Wednesday that by implementing the FATF’s plan, Morocco has fixed problems with its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) system and no longer poses a money laundering and terrorism financing threat to the international financial system.