Morocco to Receive Foreign Bank Account Data in Tax Crackdown

"If you have a bank account or investments in a foreign country that has signed the automatic exchange of banking data agreement, know that as of September 1, 2021, the DGI will receive, without requesting it, a report on your assets. Companies and their beneficial owners are also concerned," specifies L’Economiste.

To this end, custodian banks and insurance companies are called upon to identify non-resident account holders and beneficiaries: name, first name, passport number and contact details of the holder, account number and balance, interest received, proceeds from the sale of securities, etc. As a result, the information will be accessible.

The novelty? Other OECD member countries will spontaneously communicate the information to the Moroccan tax authorities.