Moroccan Authorities Probe Offshore Accounts Linked to Paris Real Estate Purchases

The alert was raised by French financial control bodies and the Caribbean Financial Action Task Force (CFATF), following information on suspicious financial flows, according to Hespress. The investigations are focusing on money transfers from these tax-advantageous islands to the purchase of properties in sought-after neighborhoods of the French capital.

The initial elements suggest attempts at concealment through financial intermediaries for these transfers from Saint Lucia. The acquired properties, often through renowned real estate agencies to dispel suspicions about the origin of the funds, are mainly located in the 1st, 4th, 6th and 7th arrondissements of Paris. Some of the businessmen involved are said to be operating in real estate and the agri-food sector.

The Moroccan investigators are also examining the links with shell companies created in the Caribbean, often in the names of relatives. Suspicions also weigh on significant, yet legal, transfers made from Morocco. Officially intended to finance market studies or costly prospecting through subsidiaries, the material reality of these expensive services is questionable and could mask misappropriation of funds.

Some undeclared Moroccan owners have moreover been accidentally discovered in France by the DGCCRF during separate anti-money laundering checks. The prolonged inactivity of their Parisian properties, managed by an agency but never commercially exploited for years, has raised the suspicions of the French inspectors.

The Moroccan investigation is actively continuing, in coordination with Customs and the Financial Intelligence Unit. The objective is to verify whether offshore companies have been used to cover overvalued imports to illegally take out capital, and to determine any links between the targeted individuals and other illegal activities or organized money laundering operations.