Morocco Tightens Real Estate Regulations: Notaries to Combat Money Laundering

At the end of its general assembly held in Marrakech on Friday, under the chairmanship of Hicham Sabiry, the National Council of the Order of Notaries of Morocco announced that notaries are committing to the measures taken by the authorities to fight against money laundering in real estate, by reporting suspicious operations, reports Challenge. Notaries are subject to anti-money laundering obligations under the decree of the Minister of Housing, Urban Planning and City Policy, Fatima Zahra Mansouri, requiring notaries and real estate agents to report cases of money laundering, in accordance with Law 05-43. This decree imposes due diligence measures on clients and real estate transactions, prohibits dealing with anonymous persons or fictitious companies, and requires the collection and verification of information on persons before processing their transactions.

In addition to this announcement, the notaries called for the reform of Law 32.09 governing the notary profession and its defense before all public and legislative authorities, the acceleration of the digital transition of notaries with the various players in transactions, particularly banks, land registry and the implementation of electronic signatures. They also recommended a good governance approach to balance the creativity of the profession while ensuring credibility and reliability. Without failing to emphasize the need to legally and judicially protect notaries, guaranteeing the preservation of their dignity and the continuity of their missions, but also to develop mechanisms to unify and simplify notarial work, facilitate relations with administrations and provide all the necessary guarantees to the parties dealing with the notarial institution.