Morocco removed from FATF's "grey list" thanks to Spain's public support

Morocco's removal from the FATF's "grey list" on Friday will strengthen Rabat's negotiating position with international financial institutions, according to the Moroccan government.

The success of the North African nation was made possible by the Spanish government, which pledged publicly to aid Morocco in obtaining a clean bill of health from FATF.

Officials from Spain have assisted local teams in achieving AFC compliance.

Rabat's efforts to reclaim a higher investment grade would be aided by exiting the "grey list" of countries under extra scrutiny to meet these standards, according to a Moroccan central bank official last month.

Morocco has declared plans to issue a dollar-denominated bond and has mandated BNP Paribas, Citi, Deutsche Bank, and JPMorgan to arrange meetings with investors, according to a document.

The decision of the task force "will positively impact the sovereign and local bank ratings in addition to improving Morocco’s image and its position in negotiations with international financial institutions as well as fostering trust of foreign investors," according to a statement from the office of the prime minister.

By fLEXI tEAM