Morocco Probes Massive Overseas Money Transfers by Businessmen

While the exchange regulations allow companies to transfer amounts that can reach 200 million dirhams per year to finance projects abroad, twenty businessmen have transferred nearly 7 billion dirhams abroad over four years, reports Assabah. The amount of Moroccan investments abroad during the first eight months of this year has exceeded 11 billion dirhams.

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Taking advantage of the facilities granted by the authorities, aimed at encouraging Moroccan investments abroad, these Moroccan businessmen have transferred money to secret bank accounts hosted in tax havens, without repatriating their profits made abroad as required by the law in force. Currently, their documents are being audited by the controllers of the Foreign Exchange Office. In reality, investors are required to present documents attesting to the amount of expenses incurred abroad and to repatriate the related profits, under the law that prohibits depositing this money in bank accounts abroad.

To carry out its mission, the Foreign Exchange Office benefits from the collaboration of the various administrations such as the Directorate General of Taxes and the Customs Directorate. The Office has signed an agreement with the Directorate General of Taxes to have access to their respective databases and data exchange agreements with its partners abroad, which allow it to have accurate information on the flow of Moroccan investments abroad.