مرکز منطقه ای اطلاع رساني علوم و فناوري - The combat against money laundering and terrorist financing: the banker between customer due diligence and the impossibility to identify the beneficial owner

Abstract :

The Financial Action Task Force (FATF) has been mandated to set standards and to promote effective implementation of legal, regulatory and operational measures for combating money laundering and terrorist financing. The FATF Recommendations set out a comprehensive and consistent framework of measures that the countries should implement to combat money laundering and terrorist financing. Countries have diverse legal, administrative and operational frameworks and different financial systems, and so cannot all take identical measures to counter these threats. The FATF Recommendations, therefore, have set international standards, that the countries should implement through measures adapted to their circumstances. In morocco Financial institutions should be required to undertake customer due diligence (CDD) measures. The CDD measures to be taken are identifying the beneficial owner, and taking reasonable measures to verify the identity of the beneficial owner, such that the financial institution is satisfied that it knows who the beneficial owner is. However, the identification of the beneficial owner is the stumbling block on which the scheme is hindered by the possibility of resorting to companies and opaque legal constructions.This notion is new and fraught with consequences; it deserves the authorities to explain precisely its meaning, its effects and consequences and the rights and obligations it offers and imposes.