Morocco Launches Global Tax Probe into Overseas Bank Accounts of Citizens

2 June 2022 – byArmel · 1 min read

Morocco wants to investigate the bank accounts and other assets of Moroccans abroad to verify whether they are in order with the tax authorities. In this context, a vast operation is being launched in many countries.

It is for the Directorate General of Taxes to list the bank accounts opened by Moroccans abroad, and to obtain explanations from the holders of these accounts, explains the daily Assabah, which recalls that the opening by Moroccans, natural persons, residing in Morocco of bank accounts abroad is prohibited by law.

The objective is to recover the taxes due on the deposits of Moroccans, including in secret accounts, abroad. For its part, the Foreign Exchange Office simply aims to compel the holders of these accounts to "repatriate" them to Morocco, the same source specifies.

More specifically, the operation is currently being carried out with banking institutions in 84 countries. In parallel, the two institutions are in talks with 14 other countries to conclude conventions relating to the exchange of banking and tax information. The aim is obviously to identify the assets and liquidity, invested funds and real estate of Moroccans in these countries.

Category: Economy

Keywords:

Exchange Office Tax evasion General Tax Directorate