Moroccan Tycoons Exploit Tax Loopholes, Funnel Wealth to Dubai

A tax evasion that does not say its name! This is how one could describe what Le 360 describes, regarding the financial empire that Moroccan businessmen are building in the United Arab Emirates. Increasingly, Dubai is asserting itself as the capital of Moroccan tax evaders. Indeed, the latter continue to invest in large-scale projects, particularly in tourism as well as in luxury restaurants and hotels.

According to the website, "According to Moroccan and foreign observers, real estate in Dubai conceals the money laundering of Moroccan ’new rich’. The latter, according to the news site, are mostly from northern Morocco and have "preferred to divert their money to the Gulf countries by investing in luxury apartments and especially in the stock market".

Many of these Moroccan businessmen operate in total secrecy, thus escaping the Moroccan justice system, which has in the meantime strengthened the fight against tax evasion and money laundering.

For its issue this Monday, April 22, Assabah reports that "rich Moroccans exploit legal loopholes in the law to divert dirty money to Dubai. Relying on its sources, the daily talks about "former directors of Moroccan companies" who would be among these tax evaders.