Minister Wahbi Unveils Legislative Project for a National Agency to Manage Seized and Confiscated Funds
The Ministry of Justice has prepared a new draft law to establish a national agency for collecting and managing seized and confiscated assets, aiming to address the shortcomings related to tracking and managing criminal proceeds. The project seeks to alleviate the burden on judicial authorities by creating a dedicated institution to implement rulings concerning seizure and confiscation in coordination with the courts, in addition to managing seized funds and assets with a vision that ensures international cooperation.
During a regional workshop on tracking and seizing criminal assets, Justice Minister Abdellatif Wahbi confirmed that the agency will provide a central database on seized properties, which will facilitate judicial authorities in making appropriate decisions regarding these assets.
Wahbi emphasized the need to enhance regional and international cooperation to combat money laundering, stressing the importance of exchanging experiences and standardizing procedures to ease tracking and confiscation operations, especially in light of the challenges posed by the global financial and economic landscape and the changes in the Financial Action Task Force’s recommendations in 2023.
The minister appreciated the organization of this workshop in Morocco, highlighting that the country’s exit from the enhanced follow-up process by the Financial Action Task Force resulted from collective efforts of all stakeholders. He underscored the significance of recovering embezzled assets and its impact on boosting economic development, noting that recovering even a small portion of these funds could provide vital resources for developing countries.
Wahbi pointed out the necessity of balancing the effectiveness of seizure and freezing procedures with the protection of the rights of third parties acting in good faith. He indicated that prolonged procedures might harm the interests of innocent parties or lead to a loss in the value of seized items, necessitating precise legal handling of these issues.
The minister clarified that Morocco is a key player in the efforts to combat money laundering and terrorist financing, both through its participation in the Financial Action Task Force for the Middle East and North Africa and by signing dozens of bilateral agreements and adopting advanced mechanisms for international judicial cooperation, including contact judges and joint bilateral and multilateral committees.
Wahbi confirmed that Morocco continues to develop its legal framework and strengthen cooperation with various international partners to tackle cross-border challenges associated with organized crime.
