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Morocco Tightens Anti-Money Laundering Rules for Real Estate Sector
Monday 30 January 2023, by
Morocco continues to strengthen its system to combat money laundering and the financing of terrorism. A new order has just been issued to impose new rules on the real estate sector, which is very popular for money laundering.
Through this order, the Minister of Territorial Planning, Urbanism, Housing and City Policy, Fatima-Zahra Mansouri, requires real estate agencies to report any suspicious transactions of their clients as part of property sales or purchases, reports the daily Al Akhbar.
In this text implementing Law 43-05 on the fight against money laundering and the financing of terrorism, the minister emphasized the role of real estate agencies in the fight against money laundering and invited them to set up a mechanism for internal vigilance and control in order to manage the risks related to money laundering activities.
The new order also prohibits real estate agencies from dealing with any natural person whose identity is not verified, as well as with shell companies. The collection of personal information from clients, based solely on official documents issued by the Moroccan authorities or recognized foreign institutions, is therefore necessary.
Real estate agencies must also set up thresholds not to be exceeded by clients, in order to quickly detect suspicious clients. This whole battery of new measures should force less structured real estate agencies to keep up with the rules of vigilance and control.