This is the first text unrelated to the anti-Covid system, programmed at the Chambre des
representatives since the opening of the April session. The draft law on combating the laundering of
capital will be presented today, Wednesday, to the Justice and Legislation Committee of the 1st
Room.
Only one member per parliamentary group is allowed to attend this meeting, which will be broadcast by
video conference. This strategic bill in the anti-money laundering device fig among the texts
priorities during this session, as announced at the opening session
april.
It introduces amendments to two existing laws, namely the Penal Code and text 43-05 on the
money laundering. This reform adopts new concepts, introduces more
definitions clarifies, strengthens the penalties provided for and expands the remit of the r financial intelligence (FWU), which has been renamed.
In detail, this bill expands the definition of terrorist financing, provided for in Article 218-4.
Under that article, 'the following acts constitute terrorist financing, even when they are
committed outside Morocco, and whether or not the funds have been used: providing, pro deliberately manage, by any means, directly or indirectly, funds or property,
even lawful, with the intention of having them used or knowing that they will be used, in whole or in part."
The new reform specifies that the assets concerned cover "all types of funds, income
economic, tangible or intangible assets, movable or immovable, divided or undivided, as well as deeds
or legal documents, in any medium, including electronic form, attesting ownership
property or rights attached thereto'. This text also strengthens the sanctions provided for against this type
crimes, including the fine, which will have to increase to a sum between 50,000 to 500,000 DH against 20,000 to
100,000 currently.
With regard to the control of money-laundering activities, currently carried out by the UTRF, the new project
of the law expands its powers and introduces new categories of persons subject to the reporting of suspicion, and
new controlled activities. For example, the new text provides for the creation of a national register for
define the 'beneficial owners' of legal persons. The goal is to cut off criminals and
their partners and deny them access to the market.
The terms and conditions for the management of this register, which will be maintained by the Ministry of Finance, will be defined by
decree. This reform also lists the legal persons subject to the declaration of
suspicion. This list has been expanded to cover a range of domains.
In addition to Bank Al-Maghrib, Poste Maroc, banking institutions, exchange offices,
capital management companies and stock exchange companies, casino managers, this text covers from
new categories such as jewellers, when the transaction concerns an amount exceeding 150,000 DH,
antique dealers and art galleries, service companies, operating in particular in the domiciliation of
Under the new text, these categories will be required to set up mechanisms
vigilance and anti-money laundering procedures, depending on the nature of their activities.
Among the measures provided for: the identification of customers or principals, agents acting on behalf of
a third person, whether natural or legal persons. These taxable persons will be
controlled by the supervisory authorities.
This is the case of the Ministry of Justice for lawyers, notaries and adouls, that of Finance for
investment companies, chartered accountants and chartered accountants, those of the Interior and Finance for casinos and gambling establishments, that of Habitat for agents
real estate, the AMMC for UCITS and stock exchange management companies...
At the same time, the new text instructs the government to control the action of non
lucrative, in order to ensure that the funds raised are not intended for money laundering or
financing of terrorism. This will need to be accompanied by more rigorous control of br collect donations and charitable actions.
UTRF renamed
The FWU will now be referred to as the National Financial Intelligence Authority. She
will report to the head of government. The new entity will have to retain its supervisory and
role control of taxable persons. It will also be responsible for the implementation of sanctions
financial, including the freezing of the property of legal or natural persons, whose names appear in
THE UN Security Council's lists in relation to the financing of terrorism. This assignment will be
exercised through a new dedicated National Commission, provided for in Article 32. The terms of sound
operation will be defined by decree. The current UTRF will continue to carry out its missions until
publication of implementing decrees relating to the new National Authority.
Anti-money laundering in 2018
* 1,088 suspicious reports received by the UTRF
* 1,059 of them concern money laundering and 29 the financing of terrorism
* 1,056 declarations come from taxable persons in the financial
sector * 50% is the rate of increase in the overall number of declarations compared to 2017