Morocco Loses Over $500 Million Annually to Tax Evasion, Report Finds

Morocco accounts for less than 1% of global offshore wealth with offshore wealth of $3.7 billion. However, at the national level, it represents 3.1% of the country’s GDP. The loss resulting from untaxed offshore wealth is $69.9 million. The country also loses $451 million per year due to corporate tax evasion. In the ranking of countries where the Cayman Islands, the United States, Switzerland and Hong Kong are at the top, Morocco is the 72nd largest facilitator of tax evasion and financial secrecy in the world, the report states. Furthermore, France