The Moroccan parliament has adopted a bill on the fight against money laundering, as part of its efforts to strengthen the national judicial system to tackle the practice and terrorism financing.The bill also aims to bring the system into line with the international standards adopted by the Financial Action Task Force (FATF) in this area and to remedy the shortcomings in the current legislation, particularly those identified in the mutual evaluation report.
It provides for heavy prison sentences for money laundering crimes and the creation of the National Financial Intelligence Authority, a body under the authority of the head of government, which will have important powers in the fight against money laundering.
The bill requires lawyers and notaries to report spontaneously and directly any suspicion of money laundering from various forms of trafficking.
It was also decided to set up a special commission to monitor the UN Security Council resolutions on the fight against money laundering.
Money laundering is the process of concealing the origin of illegally acquired money (illegal speculation, mafia activities, drug and arms trafficking, extortion, corruption, tax fraud, etc.) by reinvesting it in legal activities (trade, real estate construction, casinos, etc.).