This groundbreaking report, the first of its kind under the auspices of the GSBF, sheds light on the experiences of the Mauritian and Moroccan central banks in swiftly removing their countries from the Financial Action Task Force (FATF) grey list within the stipulated time-frames.
A joint statement issued by both banks underscored the significance of sharing insights and best practices to aid other jurisdictions in strengthening their anti-money laundering and counter-terrorism financing frameworks. The primary objective outlined in the report is to empower GSBF members to fortify their legal and regulatory frameworks while enhancing supervision and control mechanisms concerning AML/CFT activities.
Abdellatif Jouahri, Governor of BAM, highlighted the pivotal role played by the Central Bank of Morocco in collaboration with relevant stakeholders to bolster the national efforts in combatting money laundering and terrorism financing. He emphasized BAM’s commitment to implementing the FATF action plan diligently to ensure the country’s exit from the enhanced monitoring process, commonly known as the grey list.
As a member of the GSBF, BAM shared its expertise and best practices through the joint report, aiming to assist fellow members in navigating governance structures, fostering inter-entity cooperation, and refining legal and regulatory frameworks. This collaborative endeavor seeks to facilitate a smoother progression in combating these illicit activities.
Governor Harvesh Kumar Seegolam of the Bank of Mauritius stressed the paramount importance of adherence to FATF standards. Drawing from his experience leading the Mauritian delegation in discussions with FATF assessors, he underscored the necessity for central banks to comprehend the complexities and implications associated with achieving FATF compliance. He viewed the report as an invaluable tool for sharing lessons learned and facilitating informed decision-making among member states.
The collaborative efforts between the banking authorities of Mauritius and Morocco underscore a proactive approach in addressing the global challenges posed by money laundering and terrorism financing. Through knowledge-sharing and cooperative initiatives, the GSBF members aim to fortify their defenses and safeguard the integrity of the international financial system.
