Moroccan Real Estate Developers Under Investigation for Undeclared Foreign Currency Payments

Developers have required MREs to pay part of the agreed amount in foreign currencies, particularly in euros, and the rest in Moroccan dirhams, reports Hespress. Subsequently, these developers failed to declare these sums to the authorities, which aroused suspicions from the control services of the Exchange Office, who opened in-depth investigations into these transfers.

The investigations revealed that the developers did not comply with legal procedures regarding the transfer of funds abroad. These investigations follow complaints from real estate companies denouncing the competition from these developers who participated in tours and exhibitions in Europe, particularly in France, Belgium, and the Netherlands.

The Exchange Office controllers checked whether these developers are involved in money laundering. To this end, they scrutinized their tax declarations and bank transfers between them and their clients, discovering that significant amounts from real estate sales transactions and collected in foreign currencies were not declared to the Tax Department and the Exchange Office.

These verifications are conducted in collaboration with the control and recovery services of the Tax Department and aim to shed light on suspicions of tax evasion on real estate profits.