VZCZCXYZ0000
RR RUEHWEB

DE RUEHRB #1699/01 3091701
ZNR UUUUU ZZH
R 051701Z NOV 07
FM AMEMBASSY RABAT
TO RUEHC/SECSTATE WASHDC 7698
INFO RUEHAS/AMEMBASSY ALGIERS 4575
RUEHEG/AMEMBASSY CAIRO 2211
RUEHMD/AMEMBASSY MADRID 5832
RUEHNK/AMEMBASSY NOUAKCHOTT 3596
RUEHFR/AMEMBASSY PARIS 4824
RUEHCL/AMCONSUL CASABLANCA 3645
RUEATRS/DEPT OF TREASURY WASHDC

UNCLAS RABAT 001699 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
DEPT FOR NEA/MAG, S/CT, EB AND INL 
CAIRO FOR TREASURY ATTACHE 
 
E.O. 12958: N/A 
TAGS: EFIN PTER PGOV MA
SUBJECT: MOROCCO LAUNCHES AGRESSIVE CAMPAIGN TO PUBLICIZE 
ITS NEW AML STATUTE 
 
REF: RABAT 889 
 
Sensitive but unclassified - not for internet distribution. 
 
¶1. (U)  Summary: The Moroccan government on October 31 
launched an aggressive campaign to publicize the country's 
new anti-money laundering statute and to educate concerned 
institutions about their responsibilities under the 
legislation.  Moroccan Central Bank Governor Abdellatif 
Jouahri was joined by the Ministers of Finance, Justice, and 
Interior, as well as the President of the Chamber of 
Representatives for the session, which was also attended by 
top figures from banking and financial circles in Casablanca, 
including Othman Benjoullon, President of BMCE Bank and the 
Moroccan Banking Association.  The Rabat kick-off will be 
followed over the next few months by similar events in other 
major Moroccan cities.  End Summary. 
 
¶2. (U)  The highly-publicized campaign seeks to explain the 
contents and objectives of Morocco's new anti-money 
laundering statute (law No. 43-05) and to inform concerned 
actors about how the system will work so they can carry out 
their responsibilities and coordinate regularly with 
appropriate officials.  It also appears aimed at countering 
widespread concerns, which found voice during parliamentary 
debates earlier this year prior to the law's passage, that 
the legislation will harm the Moroccan economy.  Jouahri 
emphasized to attendees that the legislation is necessary not 
just to enable Morocco to fulfill its international 
obligations, but also to "improve the business climate in our 
country."   Money laundering, he stressed, has a negative 
impact on a country's economic well-being, as it increases 
risks for financial institutions and damages a country's 
international reputation, thereby leading investors and 
others to hestitate to do business with it. 
 
¶3. (U) The legislation, Jouahri said, brings Morocco's AML 
regime into better conformity with international norms and 
will enable the country to contribute fully to international 
efforts against money laundering.  He credited parliament 
with ensuring both that the law took into account the 
Moroccan context, and that it respected the "professional 
confidentiality" of those who play a role in the system, 
 
SIPDIS 
while also shielding them from legal liability for carrying 
out their obligations.  Jouahri stressed that Morocco is 
prepared for the new law, as the Central Bank moved as early 
as 2003 to ensure proper vigilance in the banking sector. 
The legislation, he argued, formalizes and completes the 
bank's earlier work.  Jouahri noted that other parallel 
efforts have also contributed to consolidation of Morocco's 
anti-terror finance and anti-money laundering regime.  These 
include raising the percentage of the population that uses 
banks (though it still remains low at 25 percent), 
encouraging recorded payments, and enhancing banking 
supervision.  In closing, Jouahri stressed the need for 
strong international cooperation, and noted Morocco's 
existing ties on the subject with a range of international 
actors, including the European Union and United States, and 
the United Nations, IMF, and World Bank. 
 
¶4. (U) Other speakers delivered similar messages, including 
Minister of Finance Mezouar and Minister of Justice Radi. 
Though Prime Minister El-Fassi could not attend due to the 
parliamentary debate over his government's program, his 
message was read to those present by an official from the 
Primature.  The Ministers also emphasized that the measure is 
an integral part of Morocco's efforts to combat corruption in 
all its forms. 
 
¶5. (SBU) Neither Jouahri nor any of his colleagues, however, 
indicated when Morocco's Financial Intelligence Unit (FIU) 
will be operational.  That entity remains the key missing 
piece in the puzzle.  Contacts told us earlier this year that 
the unit should be operational from the beginning of 2008, 
and that appears to remain the plan. 
 
¶6. (SBU) Comment: The high profile launch indicates the 
priority that Morocco accords to the legislation and its 
desire to ensure that it functions effectively.  Turnout from 
both government and private sector was impressive.  Equally 
noteworthy was the major billing all speakers gave to 
 
parliament's "contribution" to the final shape of the 
legislation.  We will follow up with key contacts to 
reconfirm that Morocco is on track to launch the FIU next 
year.  End comment. 
 
 
 
***************************************** 
Visit Embassy Rabat's Classified Website; 
http://www.state.sgov.gov/p/nea/rabat 
***************************************** 
 
Jackson