Morocco's upper house, or Chamber of Councillor, has unanimously voted to adopt a bill of law on money laundering.

While presenting the bill Tuesday, Moroccan Finance and Privatization Minister Fathallah Oualalou termed the law as another milestone in the realization of a solid and dependable financial system in the service of socioeconomic development.

Outlining the measures implemented by Morocco in the fight against money laundering, notably the promulgation of a number of international conventions on the subject, Oualalou said members of the justice, legislation and human rights commission of both the two chambers of Morocco's parliament will soon examine this law in detail and draw up an interpretative note.

The law which contains 38 articles was adopted by Morocco's lower house, or Assembly of Representatives, last January.

The law calls for preventive measures against money laundering and prescribes harsh sanctions against perpetrators of this crime.

Source: Xinhua