Morocco Reports 31% Rise in Money Laundering and Terrorism Financing Cases in 2023

Tuesday 17 December 2024 - 08:22

By: Dakir Madiha

Morocco Reports 31% Rise in Money Laundering and Terrorism Financing Cases in 2023

New trends include links to sports betting, pyramid schemes, and cryptocurrency transactions.

The Moroccan Financial Intelligence Unit (ANRF) has documented a sharp 31.48% increase in cases of money laundering and terrorism financing in 2023, as revealed in its latest annual report. A total of 71 cases were referred to Public Prosecutor’s Offices in Rabat, Casablanca, Fez, and Marrakech, as well as the Attorney General at the Rabat Court of Appeal.

According to the report, fraud-related offenses—such as falsified bank statements, payment methods, and counterfeit documents—accounted for 38% of these cases. Emerging trends in money laundering activities were also identified, with an uptick in cases involving sports betting, pyramid schemes, and cryptocurrencies.

The ANRF received 5,777 suspicious transaction reports (STRs) in 2023, reflecting a 10.93% year-on-year increase. Of these, 5,739 reports, or 99.34%, pertained to money laundering, marking a 10.98% rise from 2022. Meanwhile, cases linked to terrorism financing totaled 38.

Significant Growth in Reporting Over Five Years

Between 2018 and 2023, STRs related to money laundering surged by 441.93%, climbing from 1,059 to 5,739. The report attributed this growth to increased collaboration with financial and non-financial institutions, alongside targeted awareness campaigns, workshops, and bilateral or multilateral meetings aimed at improving compliance and reporting mechanisms.

Banking Sector Leads in Reporting

The banking industry emerged as the primary source of STRs, contributing 44.82% of the total reports in 2023. Payment institutions, including payment services and fund transfer companies, followed with 19.56% of submissions. Encouragingly, the non-financial sector exhibited remarkable progress, with a 44% increase in STR filings compared to the previous year.

Operational Analysis and Case Referrals

The ANRF’s findings are based on thorough operational analyses, drawing on data shared by both national and international partners. Cases suspected to involve money laundering are forwarded to local prosecutors, while those linked to terrorism financing are escalated to the Attorney General at the Rabat Court of Appeal.