Morocco’s National Financial Information Authority (ANIF) referred 71 cases of money laundering and terrorism financing to public prosecutors across the country in 2023, marking a 31.48% increase from the previous year, according to its annual report.
Forgery, fraud, and falsified financial documents accounted for 38% of the cases referred to the judiciary. Emerging trends included illicit activities tied to sports betting, pyramid schemes, and cryptocurrency transactions, the report said.
The authority received 5,777 suspicious transaction reports (STRs) last year, up from 5,208 in 2022, reflecting an annual increase of 10.93%. ANIF credited the rise to enhanced feedback mechanisms between the authority, supervisory entities, and financial institutions.
Banking institutions submitted the majority of STRs, comprising 44.82% of the total, followed by payment service providers at 19.56%. Meanwhile, the non-financial sector demonstrated significant progress in compliance, with a 44% rise in STR submissions due to training initiatives and outreach efforts.
Reports related to terrorism financing remained limited, with 38 cases filed. However, money laundering-related reports saw a sharp increase, growing by 441.93% since 2018.
ANIF also processed 972 information requests from law enforcement agencies for parallel financial investigations and sent over 222,000 requests for additional data to obligated entities. The organization noted improved access to critical databases, including those of customs authorities, company registries, and banking records.
The report underscores Morocco’s intensified efforts to combat financial crimes and enhance cooperation among regulatory, financial, and law enforcement agencies.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.