FM Meets with President of Eswatini Senate

Rabat - Minister of Foreign Affairs, African Cooperation and Moroccan Expatriates, Nasser Bourita, met, Friday in Rabat, with president of the Senate of the Kingdom of Eswatini, Dlamini Lindiwe.

In a statement to the press after the talks, Lindiwe said that Eswatini wishes to draw inspiration from the Moroccan parliamentary experience, adding that her country has started the construction of a parliament.

Source: Agency Morocaine De Presse

Lower House Speaker Meets in Rabat with President of Eswatini Senate

Rabat - Speaker of the House of Representatives, Rachid Talbi El Alami held, Friday in Rabat, talks with president of the Senate of the Kingdom of Eswatini, Dlamini Lindiwe, on an official visit to the Kingdom leading a large parliamentary delegation.

In a statement, the House of Representatives said that this meeting was an opportunity for both parties to welcome the strong and distinguished relations of friendship linking the kingdoms of Morocco and Eswatini and reaffirm their determination to strengthen parliamentary cooperation between their two legislative institutions.

During this meeting, Lindiwe welcomed the strong commitment of the Moroccan Parliament to the defense of African issues, particularly those related to migration, human rights and cultural and civilizational diversity, as well as the Kingdom's policies in promoting the situation of women and gender equality.

She also emphasized the importance of exchanging experiences and expertise with the Moroccan Parliament and to mutually benefit from good practices in the legislative, administrative and technical fields, praising in this sense the depth and development of parliamentary practice in Morocco.

For his part, Talbi El Alami commended the position of Eswatini supporting the territorial integrity of Morocco, while stressing the African depth of the Kingdom and its strong commitment to strengthening South-South cooperation, particularly at the level of the continent, under the enlightened leadership of HM King Mohammed VI.

He also reviewed the powers of the House, its composition and the specificities of Moroccan parliamentary bicameralism, as well as the relations of the legislative institution with other constitutional bodies, stating the readiness of the House of Representatives to make available to the parliament of Eswatini its experience and expertise in the areas of parliamentary action, digitalization and administration.

Source: Agency Morocaine De Presse

Morocco’s Raja, Wydad and AS FAR Participate in King Salman Club Cup

Rabat - Raja and Wydad of Casablanca and AS FAR will take part in the King Salman Club Cup, scheduled from July 20 to August 5, 2023 in Saudi Arabia, the Royal Moroccan Football Federation (FRMF) announced Friday.

Raja will take part in this cup at the invitation of the Arab Football Union as the defending champion, WAC as the 2021-2022 Moroccan champion, and AS FAR as third in the ranking of the same edition of the Botola, the FRMF said in a statement published on its website.

The participation of these three clubs comes on the basis of sporting merit required by the Arab Union and after agreement of the FRMF, since the date of this cup does not interfere with the general schedule of the national championship, said the statement.

Source: Agency Morocaine De Presse

Moody’s Highlights Positive Impact of Morocco’s Removal from FATF’s ‘Grey List’

New York - Moody’s hailed the positive impact of Morocco’s removal from The Financial Action Task Force (FATF) ‘grey list’, noting that this decision supports confidence and trust in the kingdom’s financial system.

"The announcement is credit positive for local banks and the broader domestic financial system because it will reduce the reputational risk stemming from increased levels of monitoring by the FATF, and support confidence and trust in Morocco's financial system", the American company said in a note commenting FATF’s decision.

The decision is also expected to smooth the banks’ relationships with international correspondent banks, clearing houses and investors by reducing the risk of delays in clearing and settlement for cross-border payments and receipt transactions, and supporting capital inflows to the country, stating that Moroccan banks will continue to maintain sound efficiency ratios.

Attijariwafa bank, Groupe Banque Centrale Populaire, Bank of Africa – BMCE Group and Credit du Maroc had a sound cost-to-income ratio of 48% in the first half of 2022, the company indicates, adding that Moroccan banks benefit from a solid and strengthening regulatory framework, while large domestic banks have sophisticated risk management practices.

Morocco has strengthened its legal and regulatory framework to combat money laundering and terrorism financing since it was added to the list, it said, recalling that in June 2021, the authorities published Law No. 12-18 relating to combating money laundering. The law strengthened the national system for implementing targeted financial sanctions by creating a national commission in charge of applying penalties; reinforced surveillance measures according to a risk-based approach; created a register of beneficial owners; enhanced the monetary and disciplinary sanctions regime; and expanded the list of infractions and increased the financial penalties applicable to individuals found guilty of money laundering.

The authorities have also created a national financial intelligence authority whose remit includes proposing legislative, regulatory or administrative reforms to combat money laundering and terrorism financing, according to the company.

Bank Al-Maghrib, Morocco’s central bank, helped to develop Law No. 12-18 and its related implementation texts, and has intensified training and awareness-raising initiatives through workshops for the staff of financial institutions' compliance units, Moody’s underlined, recalling that in 2021, the bank conducted several on-site control missions at financial institutions, focused mainly on assessing the compliance and effectiveness of systems in place to combat money laundering and the financing of terrorism.

In 2022, the Moroccan capital markets authority published a circular bringing together the obligations related to combating money laundering and terrorism financing that are incumbent upon the persons subject to the authority’s control, in light of the new legislative and regulatory provisions, it indicated, adding that the authority also updated its guide to combating money laundering and terrorism financing.

Source: Agency Morocaine De Presse

Casablanca Stock Exchange Starts Slightly Up

Casablanca - The Casablanca Stock Exchange was slightly up on Friday morning, with the index of all stocks, the MASI, taking 0.03% to 10,771.37 points (pts).

Shortly after the opening, the MASI.20, which includes the 20 most liquid stocks, gained 0.02% to 862.71 pts, while the MASI.ESG, an index of companies with the best ESG rating, as published by Moody's ESG Solutions, decreased by 0.07% to 815 pts.

Source: Agency Morocaine De Presse