2024-03-25 13:00:35
The joint report issued by Bank Al-Maghrib and the Bank of Mauritius aims to strengthen their legal and regulatory framework and improve their AML/CFT supervision and control system.
The feedback from Bank Al-Maghrib and the Bank of Mauritius in the fight against money laundering and tourism financing was highlighted during the opening of the plenary meeting of the Group of French-speaking banking supervisors ( GCBF). The two central banks have in fact published a joint report to this effect which relays their management of the withdrawal file of their countries within the allotted time limits from the gray list of the Financial Action Task Force (FATF). The aim is to enable other jurisdictions to take advantage of the fundamental principles, good practices and lessons learned in the fight against money laundering and the financing of terrorism (AML/CFT). It is also a question of enabling members of the Group of French-speaking banking supervisors to strengthen their legal and regulatory framework and improve their AML/CFT supervision and control system.
“As a member of the GSBF, Bank Al-Maghrib makes, in this joint report, available to other members of this group its feedback on the subject as well as the best practices that emerge at the governance level, inter-entity cooperation, the legal and regulatory corpus as well as the operational system. This will allow them to learn the lessons necessary for this process to run smoothly,” says Mr. Jouahri. And to specify that “Bank Al-Maghrib played a catalytic role alongside the stakeholders concerned to strengthen the national system to combat money laundering and the financing of terrorism”, indicates in this sense Abdellatif Jouahri, governor of Bank Al Maghrib.
Indeed, the institution has mobilized its teams for the implementation of the FATF action plan in order to ensure exit from the FATF reinforced monitoring process, known as the gray list. On the Bank of Mauritius side, its Governor Harvesh Kumar Seegolam, GCSK, took the opportunity of the presentation of the report to emphasize the importance of compliance with FATF standards. “Having been on the front line as head of the Mauritian delegation during discussions with the FATF evaluators, I was keen to enable other central banks to understand the issues and implications of managing the different stages leading to compliance with FATF standards.
This report is above all a working tool which allows us to share the lessons learned,” he indicated. It should be noted that this joint report is the first of its kind under the aegis of the Group of Francophone Banking Supervisors.
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