Bank of Morocco Governor Clarifies Account Reporting Rules for Overseas Moroccans

During the post-BAM Council press conference, Abdellatif Jouahri, the central bank governor, a party involved following the signing of international tax agreements by Morocco, indicated that with regard to bank accounts held in Morocco by Moroccans Residing Abroad (MREs), "this is an important point, particularly with regard to our Moroccans in the world." "Obviously, we need to look at this problem in a particular way," he added, stressing that "we must see how appropriate solutions can be provided, combining both our commitment to the convention we have signed and the defense of the interests of MREs within the framework of this automatic exchange of information on the tax framework. This is a problem on which we are thinking carefully."

To recall, within the framework of the OECD international tax conventions (BEPS), all Moroccans residing abroad are required to include their bank accounts held in Morocco in their tax returns. Automatic exchange should start in September 2021, although Morocco has requested a postponement to 2022. And any non-compliance will be heavily sanctioned.