Morocco Tightens Regulations on Precious Stone Transactions to Combat Money Laundering

Specifically, dealers in precious stones and metals are required, when carrying out any transaction exceeding 150,000 DH, to identify customers or their agents and record information on the beneficiary concerned, according to a statement from the Customs and Indirect Taxes Administration (ADII).

According to the note, this measure aims to put an end to dubious transactions in order to align the national system for combating money laundering and terrorist financing with the provisions of Law 12.18 on combating money laundering in Morocco.

This law provides that "the Customs Administration is responsible for monitoring precious stones, precious metals, works of art and antiques, as obligated persons, i.e. required to apply internal measures of vigilance and control of the risks of money laundering and terrorist financing, and to report suspicions to the National Financial Intelligence Authority."