Moroccan Elite Funnel Millions into Spanish Banks, Sparking Capital Flight Concerns

According to the report of a Spanish association, cited by Al Massae, the cities of southern Spain hold the lion’s share in the flight of capital from Morocco. The authors of these transfers do not limit themselves to the simple transfer, according to the report, but also invest in the real estate and food industries.

The protection measures offered by Spanish financial institutions have encouraged these transfer and capital flight operations, raising the hypothesis of their likely expansion in the coming months.

It is the cities of Ceuta and Melilla that have witnessed the strongest explosion of transfers between February 2018 and the same period in 2019, the report notes, adding that professions such as doctors, lawyers or heads of IT or construction companies have been behind the largest part of the money transfers.