Morocco to launch campaign against money laundering
2007-11-07
The Moroccan government has launched a new campaign to raise awareness of its new law against money laundering and other financial crimes.
By Sarah Touahri for Magharebia in Rabat – 07/11/07
 [Sarah Touahri] Bank Al-Maghrib Governor Abdellatif Jouahri said the operation uses a preventive approach to combating financial crimes |
Seven months after Parliament passed a law to combat money laundering, Morocco has launched a national campaign to raise public awareness of the phenomenon. Under the title "Preventing money laundering: guaranteeing a healthy economy", the programme targets nine Moroccan regions.
Initiated by the Al-Maghrib Bank in co-operation with the ministries of justice and finance, the campaign began on October 31st and will last four months. Representatives of the programme will work their way through the targeted regions, informing local administration about measures contained in the new law.
Al-Maghrib Bank Governor Abdellatif Jouahri said the operation uses a preventive approach to combating financial crimes. "The law against money laundering guarantees the maintenance of professional secrecy and the protection of those subject to it against any judicial action arising from the fulfilling of their obligations," he said. "The national legislation’s conformity with international standards is undergoing evaluation. This constitutes a key element of the assessment by the International Monetary Fund (IMF) and the World Bank of the country’s economic and financial stability, and will affect the specialist agencies’ ranking of Morocco," he added.
Jouahri explained that the campaign will prove to be extremely important, as the whole of the national banking and financial sector requires strict adherence to legal, professional and ethical standards, in order to boost confidence in banking and financial institutions.
Justice Minister Abdelwahed Radi has called for greater co-operation between operators at a national level to guarantee the consistent application of the new regulations. He said the fight against money laundering is necessary to ensure real protection for legal economic activities and to guarantee suitable conditions for development. He concluded by saying it is "clearly necessary" to draw up training programmes for personnel working in those institutions responsible for monitoring the movement of capital and questionable financial activities.
Finance Minister Salaheddine Mezouar expressed his satisfaction with existing co-operation between the various parties engaged in the fight against money laundering. He said the implementation of the law against money laundering exhibits Morocco's desire to align with the international community in its fight against financial crimes and terrorism.
Mezouar said the rapid development of money laundering techniques requires a constant effort on the part of authorities to innovate to protect the Moroccan financial system. He said the transparency of financial transactions will also increase under the new law.
The long-awaited new law against money laundering, 43-05, was passed by parliament in March to provide Morocco with a range of legal weapons to combat the trade in dirty money. It is hoped the new law will enable Morocco to prevent organised financial crime from making roots in the national economy.
Credit establishments, banks and offshore holding companies, financial companies, insurance and reinsurance companies, accounts controllers, external accountants and tax advisers are all involved in the measures. The Moroccan banking system, as a result of this law, will need to arm itself against criminal financial activities such as counterfeiting and money laundering, which have achieved a global scale through multinational networks.
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yassine touahri Posted 2007-11-13
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yassine touahri Posted 2007-12-07
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yassine touahri Posted 2007-12-18
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