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BoM and Bank Al-Maghrib release a report on AML/CFT

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BoM and Bank Al-Maghrib release a report on AML/CFT

First report published under the auspices of the GSBF

During the Group of Francophone Banking Supervisors (GSBF) annual meeting on March 21, 2024, the Bank of Mauritius (BoM) and Bank Al-Maghrib presented a joint report titled « Combating Money Laundering and the Financing of Terrorism (AML/CFT) within GSBF Jurisdictions. »

The report outlines the feedback from the central banks of Mauritius and Morocco on their experience in managing the process of removing their respective nations from the Financial Action Task Force’s (FATF) grey list. This report aims to assist GSBF members in employing best practices and strengthening their legal frameworks and supervision systems regarding AML/CFT.

Following the report’s publication, the Governor of BoM and President of the GSBF, Harvesh Kumar Seegolam, emphasizes the importance of adhering to FATF standards. « Having played a key role as the head of the Mauritian delegation during exchanges with FATF assessors, I wanted to provide other central banks with a comprehensive understanding of the challenges and implications associated with complying with FATF standards », explains Mr. Seegolam.

On the other hand, Bank Al-Maghrib Governor Abdellatif Jouahri highlights his institution’s and stakeholders’ commitment to strengthening the national AML/CFT framework. He specifies that the Moroccan bank has actively worked on implementing the FATF action plan to exit the grey list.

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