Moroccan bank fined 175 million euros illegal activities Belgium

The investigation figures illustrate the scale of operations. The two institutions managed accounts for 46,433 clients (MRE) on Belgian territory. These clients made deposits, took out loans and transferred funds to Morocco for a total volume estimated at over one billion euros. Raids conducted in 2020 at the Brussels and Antwerp branches confirmed these numerous transactions.

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These financial activities took place outside the legal framework between 2003 and 2022. According to Belga agency, the banks offered investment and insurance services without having the authorizations required by Belgian authorities. Subject to an investigation by the federal prosecutor’s office opened in 2018, this organization generated profits estimated at over 60 million euros for each of the two structures.

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To settle this case, Banque Centrale Populaire, its French subsidiary Banque Chaabi du Maroc and three of their executives accepted a criminal settlement. This procedure allows the public action to be extinguished against payment of a sum of money. The amount required exceeds 175 million euros for these two decades of violations.