France and Morocco sign agreement against terrorism financing
Paris and Rabat formalised on Wednesday a financial cooperation agreement aimed at combating money laundering and terrorism financing, including cryptocurrency assets.
Franco-Moroccan agreement against terrorism financing
France and Morocco signed on Wednesday 20 May an agreement intended to "strengthen the fight against money laundering and terrorism financing", according to a joint statement reported by France Info. The text "opens the way for more regular sharing of operational experience" between the two countries.
The agreement notably provides for "facilitating the exchange of information" on "suspicious financial operations" between Tracfin, the French financial intelligence unit, and the National Financial Intelligence Authority (ANRF) on the Moroccan side.
Signature on the margins of the "No Money for Terror" conference
The signing took place during the fifth edition of the international conference "No Money for Terror", held in Paris. The French Minister for Economy and Finance, Roland Lescure, and his Moroccan counterpart, Nadia Fettah Alaoui, met on the margins of this event to finalise the bilateral agreement.
The conference brought together more than 70 States and international organisations. Participants identified "risks of financial innovations being diverted for terrorism financing purposes, and notably cryptocurrency assets".
Cryptocurrency assets at the heart of concerns
Faced with the growth of digital currencies, the final declaration of the conference underlines the necessity of implementing "regulatory frameworks on the basis of recommendations from the FATF", the Financial Action Task Force responsible for combating terrorism financing.
The stated objective is to "prevent terrorists from taking advantage of the different levels of requirement that may exist from one jurisdiction to another". Participants also wish that "investigators may systematically access all information relating to cryptocurrency assets they need in their counter-terrorism action".
Source: France Info