Public Prosecutor's Office, Central Bank Sign MoU on Data Exchange

31 March 2022 Printable Version

Rabat - The Public Prosecutor's Office and Bank Al-Maghrib, (Central Bank, BAM) signed a Memorandum of Understanding aimed at establishing a a framework for collaboration for the exchange of data and experiences in areas of common interest, particularly the promotion of financial security.

This agreement was initialed by the Attorney General of the Court of Cassation, Public Prosecutor's Office President El Hassan Daki and the Wali of Bank Al-Maghrib, Abdellatif Jouahri.

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

In accordance with this memorandum, the Public Prosecutor's Office and Morocco's Central Bank are establishing a framework for cooperation that focuses in particular on the establishment of a computerized and secure exchange channel between the two parties.

It also involves the creation of a National Forum for reflection and exchange on issues related to the fight against AML/CFT, which in the medium term is intended to be a force of proposal and a provider of standards and best practices in this area.

Similarly, the memorandum provides for the protection of financial public order, through proactive exchanges of qualitative and quantitative data in relation to the various forms of financial crime.

On this occasion, Daki highlighted Bank Al-Maghrib's pivotal role in strengthening the financial integrity of financial operations, the preservation of banking and financial systems and the fight against all forms of infringement of financial security.

"Regarding its role in protecting the public economic order and the implementation of criminal policy in this sense, 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," he said.

For his part, BAM's Jouahri 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, where the Central Bank is positioned as a key link in investigations and financial research ordered by the Public Prosecutor's Office.

"This is an initiative to enhance the existing relationship that will lead to the establishment of a computerized and secure exchange channel between the two parties" he said, adding that this project will be operational in the coming weeks.