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Morocco’s Public Prosecution Office, BAM Sign MoU to Promote Financial Security

Morocco’s Public Prosecution Office, BAM Sign MoU to Promote Financial Security

Saturday, 2 April, 2022 - 09:30
Daki and Jouahri during the signing ceremony of the MoU between the Public Prosecution Office and Bank Al-Maghrib in Rabat on Friday, April 1, 2022. (MAP)

The Public Prosecutor’s Office and Bank Al-Maghrib (BAM), Morocco’s central bank, signed on Friday a memorandum of understanding to establish a framework for collaboration to exchange data and expertise in areas of common interest, particularly promoting financial security.

The MoU was inked by the Attorney General of the Court of Cassation and President of the Public Prosecutor's Office, El Hassan Daki, and Central Bank Governor Abdellatif Jouahri.

It is part of the implementation of the Middle East and North Africa Financial Action Task Force (MENAFATF) recommendations, which call for bolstering coordination and cooperation mechanisms among institutions fighting against money laundering and terrorist financing (AML/CFT).

Under the MoU, both sides will cooperate to establish a computerized and secure exchange channel and create a National Forum to exchange views on issues related to the fight against AML/CFT.

It provides for the protection of financial public order through proactive exchanges of qualitative and quantitative data related to the various forms of financial crime.

Daki underlined BAM's pivotal role in boosting the financial integrity of financial operations, preserving banking and financial systems and fighting against all forms of infringement of financial security.

He explained that based on its role to protect the public economic order and implement criminal policy in this area, the Prosecution “intends to make this partnership an added value that will contribute to enhancing the effectiveness in the fight against financial crime, money laundering and terrorist financing.”

Jouahri, for his part, welcomed the strong ties between the Public Prosecutor's Office and BAM in terms of continuous cooperation and protection of the security of the national financial system.

He said BAM serves as a key link in investigations and financial research ordered by the Public Prosecutor's Office.

Jouahri further revealed that the project will come into effect in the few coming weeks.

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