This article analyzes the evolution and effectiveness of Morocco’s anti–money laundering and Counter–Terrorist Financing and Proliferation (AML/CFTP) framework in response to growing exposure to transnational financial crime and international regulatory obligations. As Morocco has become increasingly integrated into global financial markets, it has undertaken significant legal and institutional reforms, centered on Law No. 43-05 on the fight against money laundering and its major amendment in 2021, aimed at aligning national legislation with the Financial Action Task Force (FATF) standards. The study adopts a qualitative methodology based on documentary analysis of legislation, regulatory texts, institutional publications, and FATF/MENAFATF mutual evaluation reports, supported by an examination of financial intelligence and judicial indicators. The analysis focuses on the three pillars of the Moroccan AML/CFTP system: preventive obligations imposed on reporting entities, the financial intelligence function performed by the National Financial Intelligence Unit (FIU), and the investigative and prosecutorial role of law enforcement and judicial authorities. The findings show substantial progress in technical compliance and institutional structuring, reflected in improved operational indicators and Morocco’s removal from the FATF grey list. Nevertheless, challenges persist in inter-agency coordination, risk-based supervision, and the conversion of financial intelligence into consistent judicial outcomes. The article concludes that sustaining effectiveness requires reform.