(3 Minutes Read)
Morocco has been ranked 63rd out of 141 jurisdictions in the 2025 Financial Secrecy Index (FSI), published by the UK-based Tax Justice Network. The index assesses each country’s contribution to global financial secrecy, combining the extent of their legal frameworks with the scale of their financial services for non-residents. While Morocco demonstrated strong performance in corporate transparency, its overall secrecy score reveals ongoing gaps in areas like anti-money laundering and banking disclosure.
The index ranks countries by their “Secrecy Score,” which reflects how effectively a jurisdiction’s laws and practices enable individuals or entities to hide assets. Scores range from 0% (most transparent) to 100% (most secretive). Morocco scored moderately in most categories, with a notable performance in transparency related to corporate ownership.
In Africa, Algeria ranked highest in financial secrecy, placing 33rd globally. It was followed by Egypt (41st), Morocco (63rd), and Tunisia (110th). Libya and Mauritania were not evaluated in this edition.
Morocco’s overall secrecy score includes:
- 57% in banking secrecy, indicating relatively strong rules on information collection and disclosure, though not fully aligned with global best practices.
- 100% in corporate transparency for limited liability companies, reflecting mandatory disclosure of beneficial ownership and annual financial statements published online.
- 80% in tax compliance, showing solid infrastructure for detecting and responding to complex tax evasion schemes.
- 45% in anti-money laundering, as assessed by the Tax Justice Network’s Anti-Money Laundering Index, which aligns with international benchmarks set by the Financial Action Task Force (FATF).
The report warns that weak enforcement in any of these areas allows loopholes that can be exploited for illicit activities, such as money laundering or hiding proceeds from corruption.
On a global scale, the United States topped the list for financial secrecy, with a score of 69%, followed by Switzerland at 75% and Singapore at 68%. The report noted that financial secrecy undermines democratic institutions by enabling wealth concealment and eroding trust in public systems.
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The Financial Secrecy Index evaluates more than 100 indicators grouped into 20 categories, including transparency in banking, legal ownership, and cross-border financial regulation.
The 2025 report serves as a tool for governments and regulators seeking to address loopholes and enhance financial transparency in the global economy.
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