Moroccan Authorities Probe Student-Linked Real Estate Money Laundering Scheme

The controllers of the National Financial Intelligence Authority (ANRF) are carefully examining the family, acquaintance and mutual interest links between the presidents and members of the management offices of the real estate associations and students still enrolled abroad, whose names appear repeatedly on the lists of beneficiaries of several real estate projects of these associations. These beneficiaries have paid reservation deposits in villa and residential building projects of the associations that can reach up to 700,000 dirhams, an amount incompatible with their social and financial situation, according to sources at Hespress.

The ANRF controllers have been instructed to verify the situation of the "students" suspected of being used in money laundering operations, particularly with the Foreign Exchange Office and banks. Their mission is to take an inventory of the transfers related to allowances, tuition fees and bank transfers between these students and their families since their departure abroad for studies. They are also focusing on the origin of the funds flowing into the accounts of the associations in the name of "fictitious" beneficiaries, as well as their link to international drug trafficking. This mission follows the detection of the involvement of members of the management offices of the associations in this trade.

To succeed in their missions, the controllers of the Authority, in coordination with the control services of the Foreign Exchange Office, "plan to question Moroccan students abroad in order to justify the financial transfers made from their bank accounts in Morocco to the accounts of real estate associations". They also intend to verify the work permits these students have, comparing them with the amount of real estate investments made in Morocco, as well as the costs of their studies abroad. They also ensure the dissolution of the management offices and the avoidance of legal and judicial disputes between the members.

The relationships between the student beneficiaries of villas and buildings within real estate associations and local officials, investors and influential people have facilitated the acquisition of real estate as well as the mobilization of the necessary liquidity to carry out the projects in record time, in order to move on to other projects, the same sources reveal.