https://en.hespress.com/100158-morocco-investigates-networks-for-illicit-currency-trading-and-money-laundering.html

Moroccan authorities have launched a broad investigation into networks involved in illegal currency exchange and money laundering, focusing on operations in Saudi Arabia, France, and Italy.

The Exchange Office is acting on confidential reports that these networks accept cash from Moroccan migrants abroad, convert it into Moroccan dirhams at competitive rates, and transfer the funds to local accounts in Morocco. Many individuals involved returned to Morocco before the December 31 tax regularization deadline to pay a 5% reconciliation fee, enabling them to legalize their assets.

Investigators have uncovered ties to travel agencies organizing Hajj and Umrah pilgrimages, where collaborators in Saudi Arabia allegedly handle cash transactions. These funds are converted into dirhams and transferred to Moroccan recipients through private bank accounts, often exceeding 200,000 dirhams per transaction.

The illicit activities have reportedly drained Morocco’s foreign currency reserves. Authorities are also examining potential links to money laundering and terrorism financing, in coordination with the National Financial Intelligence Authority and Customs and Indirect Tax Administration.

The recent tax amnesty program highlighted suspicious accounts held by Moroccan expatriates, which were used for irregular international transfers. The initiative drew significant participation from business owners, influencers, and real estate developers, who paid the 5% fee to avoid future audits.

Participants benefited from confidentiality, as banks did not disclose declarant identities to tax authorities. Official results of the program’s impact are expected soon.