Morocco: The Foreign Exchange Office detects 4.28 billion DH in infractions

According to Driss Benchikh, director of the Office, 2024 was a year of "reconciliation and trust" with economic operators. This approach was illustrated by the launch of the Spontaneous Regularization Operation (ORS 2024) for assets abroad, described as the "last opportunity". At the same time, a framework agreement was signed with the CGEM to simplify exchange procedures and support investment.

This new vision is also based on a restructuring of the control mechanisms, combining remote documentary surveillance and on-site inspections. The Office is preparing a new five-year strategy focused on improving the business climate, while strengthening its role as a regulator.

206 infractions detected for 4.28 billion dirhams

Control efforts have intensified in 2024. In total, 2,469 files of foreign exchange operations were processed, for a total amount of 53.4 billion dirhams. Of this volume, 206 infractions were detected, representing a value of 4.28 billion dirhams.

These infractions mainly concern companies (42%), individuals (30%) and banks and exchange offices (28%). At the same time, 361 on-site inspection missions were carried out, an increase of 2.3% compared to the previous year.

In the wake of Morocco’s exit from the FATF gray list, the Office has continued its efforts to combat money laundering. An upgrading plan for exchange companies has been implemented. In addition, a partnership with the International Monetary Fund (IMF) has enabled the training of executives in emerging risks, particularly those related to digital assets (cryptocurrencies) and intragroup treasury mechanisms. The report also notes a 5.8% decrease in the number of disputes, a sign, according to the Office, of the effectiveness of its new awareness-raising approach.