The purpose of this post is to write about the AML Certification in Morocco.
Overview of Morocco’s Economy
The Moroccan economy depends heavily on the service sector, which contributes to over half of its GDP. This sector includes the telecom and tourism sectors. Right after is the industrial sector, which comprises mining, manufacturing, clothing, and construction activities. Another important sector is agriculture, which employs almost half of the country’s population. However, despite employing the bulk of the population, it contributes only 14% to the economy. As Morocco is still considered to be a developing country, a lot of sectors in the service and industrial sectors come under the informal sector due to the lack of organization or technological advancements. So before moving towards AML Certification in Morocco, let’s understand certain facts regarding the country.
Financial Crimes in Morocco
Morocco is a country in North Africa. Though it is not a major financial hub, it still contributes heavily to the international finance network. However, loose regulations and widespread corruption have led to a growing narcotics network, money laundering, and terrorist funding regime in Morocco. Morocco also has a large informal sector in which keeping track of financial transactions can be difficult, allowing for more dubious exchanges of funds and an increase in financial crimes.
Serious crimes like human trafficking also contribute heavily to this informal sector, wherein organized crime gangs conduct such activities and pour part of the proceeds into the government to contribute to the GDP. Due to this, some people of power may be encouraged to turn a blind eye toward such activities in return for money.
The bulk of these transactions is done in cash, making it easier for black money to exchange hands and go unchecked by the authorities. People in Morocco prefer to handle their finances themselves, with only three out of ten Morrocans estimated to own bank accounts, making cash the default means of exchange in the country. People prefer to fuel their businesses and all other transactions with cash without bothering to keep proper invoices or leave a paper trail. This can make manipulating invoices very easy and increases the scope of laundering money without being caught.
A lot of money is also laundered through the vast real estate sector, which remains yet to be organized. Criminals are able to launder money by investing in big-ticket properties quite easily, as agencies do not strictly implement AML measures or do intrusive background checks. Making inquiries about transactions in the real estate sector is also extremely difficult due to the lack of transparency.
Moroccos also has seven Free Trade Zones, which means that there is no involvement of customs authorities. The Moroccan FIU has shared suspicions that these FTZs are hubs for money laundering, as shipments can easily be manipulated and the drug peddling and trafficking trades fueled without the authorities’ involvement.
How big is the AML Challenge in Morocco?
Due to the considerable influence of the informal sector on Morocco’s economy, tracking finances is complicated. This, along with rampant corruption and allegations of terrorist funding in the country, can make implementing AML measures an uphill struggle.
Current FATF Status of Morocco
The FATF has currently deemed that Morocco is deficient when it comes to implementing AML measures. The global money laundering regulatory watchdog put the country on the list in February 2021, due to allegations and evidence of terrorist funding and extensive money laundering. The conditions of financial crime were deemed similar to other countries where terrorist funding is rampant, including Pakistan, Syria, and Yemen.
Morocco’s placement on the grey list came as a shock to many, as it was removed from the EU’s grey list just a week prior. The EU took this decision based on appreciating the efforts taken by the country to actively curb its money laundering and terrorist activities. However, the FATF did not seem to agree with the EU, and still considers Morocco to be lacking when it comes to AML implementation.
Though Morocco has taken efforts to comply with theInternational Tax Standards, it is still yet to keep up with the FATF’s rigorous AML/CFT standards, only after which the FATF will acknowledge that it is actively working to rid the state of terrorist funding activities.
In fact, it is speculated that the government itself has been prolonging passing measures to rid the mass corruption and money laundering that goes on in the country. Such activities make up the bulk of Morocco’s informal financial sector, which contributes 15% to its GDP.
Has Morocco taken any regulatory actions?
After being placed on the EU’s grey list, the country of Morocco seemed to be making efforts to get themselves in the clear. However, merely a week after being removed from the list, they caught the eye of the FATF and were placed on their grey list. It is yet to be seen how Morocco deals with this status and what efforts the government makes to improve the country’s stance when it comes to money laundering.
AML Certification in Morocco
Professionals in the financial sector may benefit from our AML certification in Morocco, which will help them sharpen their skills and get an edge over their competitors. Regtech Times has also launched a new certification Program, i.e., Certified Anti-Money Laundering Professional (CAMP), which is one of the best international certifications in the market today. It will teach the learner how to tackle AML-related problems, the basics of AML, and more.
Objectives of AML Certification in Morocco
This AML certification in Morocco aims to spread awareness of the AML, compliance, and financial crimes domain. The legislative overview and global and European Union framework should be understood by the aspirants.
Eligibility for AML Certification in Morocco
Candidates for this course must focus most on preparing for the course exams, as it is where you must prove yourself best. Hard work and extreme focus are vital in order to crack the exam. Clearing the Certified Anti-Money Laundering Professional exam requires a clear target and a focused mind. To achieve this, aspirants can go through the video learning sessions provided by RT Academy.
Once aspirants feel confident with their preparation, they can register for the AML Certification in Morocco. The exam is online, and there are no negative marking criteria. The minimum passing mark for the same is 75%.
Prep Course for the AML Certification in Morocco
In addition to the Certified AML Professional program, Regtechtimes Academy also offers the ACAMS Prep Course for the aspirants looking to take up the CAMS certification from ACAMS, USA. This course is a set of 6 simulated exams to help Moroccan aspirants pass their CAMS exams successfully. We offer a very cost-effective model for the CAMS Prep course and accept payments in local currency.
