Identifier
Created
Classification
Origin
06CASABLANCA851
2006-07-21 14:40:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Consulate Casablanca
Cable title:
ANTI-MONEY LAUNDERING LAW TAKES SIGNIFICANT STEP
how-toVZCZCXYZ0029 PP RUEHWEB DE RUEHCL #0851 2021440 ZNR UUUUU ZZH P 211440Z JUL 06 FM AMCONSUL CASABLANCA TO RUEHC/SECSTATE WASHDC PRIORITY 7011 INFO RUEHAS/AMEMBASSY ALGIERS 2822 RUEHMD/AMEMBASSY MADRID 3658 RUEHFR/AMEMBASSY PARIS 0483 RUEHRB/AMEMBASSY RABAT 7654 RUEHTU/AMEMBASSY TUNIS 1947 RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS CASABLANCA 000851
SIPDIS
SENSITIVE
SIPDIS
DEPARTMENT FOR NEA/MAG, EB/IFD, S/CT AND NEA/OFI
E.O. 12958: N/A
TAGS: ECON EFIN KTFN PTER MO
SUBJECT: ANTI-MONEY LAUNDERING LAW TAKES SIGNIFICANT STEP
FORWARD
REF: A. CASABLANCA 00523
B. CASABLANCA 000676
C. CASABLANCA 00633
This document is sensitive but unclassified - please protect
accordingly.
UNCLAS CASABLANCA 000851
SIPDIS
SENSITIVE
SIPDIS
DEPARTMENT FOR NEA/MAG, EB/IFD, S/CT AND NEA/OFI
E.O. 12958: N/A
TAGS: ECON EFIN KTFN PTER MO
SUBJECT: ANTI-MONEY LAUNDERING LAW TAKES SIGNIFICANT STEP
FORWARD
REF: A. CASABLANCA 00523
B. CASABLANCA 000676
C. CASABLANCA 00633
This document is sensitive but unclassified - please protect
accordingly.
1. (U) On July 20th, the Ministerial Council presided over
by King Mohammed VI approved Morocco's long-awaited draft
Anti-Money Laundering (AML) legislation. The
royally-approved draft law can now be presented to Parliament
when it convenes in the second week of October. Both the
upper and lower chambers of parliament will have the
opportunity to discuss the draft before voting on it. Within
thirty days of parliamentary passage, the legislation will
then be sent to the Royal Palace to receive the King's final
seal. Only then can the legislation be published in the
official gazette and become law. Given the time required to
complete these next steps, we expect implementation of AML no
earlier than spring 2007.
2. (SBU) Comment: AML passage and implementation remain
the missing pieces in Morocco's counter-terrorism finance
efforts. The draft bill has languished for several years in
inter-ministerial consideration. However, approval of the
bill by the royally convened Council of Ministers is a
significant step forward for this long-awaited piece of
legislation. That said, banking contacts continue to warn of
AML's potential negative impact on Morocco's large informal
sector. Banking contacts tell us that even if AML does enter
into force in early 2007, implementation will be difficult
and we can expect an unspecified "adjustment period" before
the law can be considered fully in effect.
End Comment
GREENE
SIPDIS
SENSITIVE
SIPDIS
DEPARTMENT FOR NEA/MAG, EB/IFD, S/CT AND NEA/OFI
E.O. 12958: N/A
TAGS: ECON EFIN KTFN PTER MO
SUBJECT: ANTI-MONEY LAUNDERING LAW TAKES SIGNIFICANT STEP
FORWARD
REF: A. CASABLANCA 00523
B. CASABLANCA 000676
C. CASABLANCA 00633
This document is sensitive but unclassified - please protect
accordingly.
1. (U) On July 20th, the Ministerial Council presided over
by King Mohammed VI approved Morocco's long-awaited draft
Anti-Money Laundering (AML) legislation. The
royally-approved draft law can now be presented to Parliament
when it convenes in the second week of October. Both the
upper and lower chambers of parliament will have the
opportunity to discuss the draft before voting on it. Within
thirty days of parliamentary passage, the legislation will
then be sent to the Royal Palace to receive the King's final
seal. Only then can the legislation be published in the
official gazette and become law. Given the time required to
complete these next steps, we expect implementation of AML no
earlier than spring 2007.
2. (SBU) Comment: AML passage and implementation remain
the missing pieces in Morocco's counter-terrorism finance
efforts. The draft bill has languished for several years in
inter-ministerial consideration. However, approval of the
bill by the royally convened Council of Ministers is a
significant step forward for this long-awaited piece of
legislation. That said, banking contacts continue to warn of
AML's potential negative impact on Morocco's large informal
sector. Banking contacts tell us that even if AML does enter
into force in early 2007, implementation will be difficult
and we can expect an unspecified "adjustment period" before
the law can be considered fully in effect.
End Comment
GREENE