Morocco’s public prosecutor’s office and BAM sign a memorandum of understanding to promote financial security

The Public Ministry and Bank Al-Maghrib (BAM), the central bank of Morocco, signed on Friday a memorandum of understanding aimed at establishing a framework of collaboration to exchange data and expertise in areas of common interest, in particular the promoting financial security.

The memorandum of understanding was signed by the Attorney General of the Court of Cassation and President of the Public Prosecutor’s Office, El Hassan Daki, and the Governor of the Central Bank, Abdellatif Jouahri.

It is part of the implementation of the recommendations of the Financial Action Task Force on the Middle East and North Africa (MENAFATF), which call for strengthening coordination and cooperation mechanisms between financial institutions. fight against money laundering and the financing of terrorism (AML/CFT).

Under the Memorandum of Understanding, the two parties 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 underscored BAM’s pivotal role in strengthening the financial integrity of financial operations, safeguarding banking and financial systems, and combating all forms of financial security breaches.

He explained that by virtue of its role of protecting economic public order and implementing criminal policy in this area, the Public Prosecutor’s Office “intends to make this partnership an added value that will contribute to strengthening the effectiveness of the fight against financial crime, money laundering and terrorism”. funding. »

Jouahri, for his part, praised the strong ties between the prosecution and BAM in terms of continued cooperation and protection of the security of the national financial system.

He said BAM served as a key link in investigations and financial searches ordered by the Public Prosecutor’s Office.

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