Highlights

Closing of EU-Morocco Institutional Twinning Project related to the fight against money laundering : 31/03/2010

Closing of EU-Morocco Institutional Twinning Project related to the fight against money laundering

The institutional twinning project financed by the EU within the framework of the Programme of Support to the Association Agreement EU-Morocco, came to a close at the end of March 29th , 2010 at the Ministry of Economy and Finance.

The ceremony was headed by Mr. Salaheddine Mezouar, Minister of Economy and Finance with the participation of the Secretary General of the Ministry of Foreign Affairs and Cooperation, the Director of Treasury and External Finance and Project Leader for the Moroccan side, their Excellencies the Ambassadors of Spain, France, European Union, the Unit Director of Program Management Support to the Association Agreement and the President of the Financial Intelligence Processing Unit .

The ceremony was attended by the twinning European partners, Spain, the project manager for the European side, represented by the Department of Treasury and Financial Policy and France, represented by its Financial Intelligence Unit (TRACFIN) and several Moroccan figures, namely representatives of beneficiary administrations.

This project launched in October 5th, 2007 and lasted 30 months. It focused on achieving a state of reconciliation between Moroccan law and the European Union first in the fight against money laundering and second in strengthening the Moroccan institutional capacity by putting up an operating Financial Intelligence Processing Unit complying with international standards.

The beneficiaries of this project were: the Processing Unit of Financial Intelligence, the Ministry of Economy and Finance, the Ministry of Interior, the Ministry of Justice, Bank Al-Maghrib, the Securities Ethics Council Securities, financial institutions and solicitors.

The implementation of this program revolved around the following key features:

  • Support for the normative development of anti-money laundering;
  • The implementation of the Financial Intelligence Processing Unit;
  • The strengthening of the investigation units namely magistrates and police force;
  • The training of all stakeholders in the anti-money laundering system : supervisors of the financial sector  and persons involved.

    Participants in the meeting welcomed the setting up, in January 2009, of the Financial Intelligence Processing Unit and its installation by the Prime Minister in April 10th 2009. In addition, they expressed their satisfaction with the quality of cooperation linking the Kingdom of Morocco to the European Union and the results achieved by the project, including through the mobilization of the expertise of partner countries represented by Spain and France.

    The implementation of this program met the targets assigned to it, namely to develop an anti-money laundering culture and contribute to better coordination of services and agencies in charge of the fight against money laundering and terrorist financing.

    This ceremony was an opportunity to congratulate the project leaders, the Resident Twinning Adviser and representatives of the Program Management Unit Support to the Association Agreement and of the European Union Delegation as well as pay tribute to all stakeholders for all their efforts to achieve this project.

    This twinning expresses again the importance of the link between Moroccan and European legislations which is the main objectives of Morocco and European Union relationships.