Moroccan Authorities Probe Wealthy Nationals for Undeclared Luxury Purchases Abroad

Following information exchanges with European partner institutions in the fight against money laundering and currency evasion, the Office des Changes discovered that these wealthy Moroccans made undeclared cross-border payments for the purchase of luxury products.

Inspectors invited a Moroccan businessman to justify the origin of funds used to purchase Swiss watches costing over 60,000 euros each, after he filed a complaint against a Parisian store representing a Swiss brand for lack of conformity during the warranty period.

This dispute drew the attention of Office des Changes inspectors who scrutinized his travel expenses and declared currency allowances over the past four years, noting significant financial discrepancies between data shared on social media and official declarations made to Moroccan customs.

The individual in question paid for these luxury product purchases via transfers from bank accounts of Moroccans residing abroad (MRE) or foreigners, then declared them as second-hand to evade customs. Recently, the Office des Changes has strengthened controls to put an end to the non-declaration of purchases made abroad.