MRE transfers Morocco paperwork requirements Europe 2024

Could MRE transfers to Morocco become more complicated due to new administrative requirements in Europe? This is one of the risks raised by Abdellatif Jouahri, Governor of Bank Al-Maghrib, during his intervention on June 23 on the consequences of European regulations affecting Moroccan banks operating on the continent.

On Bladi.net : Europe Complicates Morocco Remittances: MRE Transfers at Risk

The official is not only talking about a banking problem. He is particularly concerned about the concrete effects for Moroccans worldwide: heavier files, additional supporting documents and procedures likely to slow down operations to Moroccan accounts.

"They can ask you for endless paperwork," warned Abdellatif Jouahri. He cited, among possible obstacles, requests for income certificates or proof of tax payment in the country of residence. Requirements that, according to him, could become a way to hinder transfers.

For Bank Al-Maghrib, the objective is therefore to prevent MREs from being discouraged or slowed down in their usual operations. Moroccan banks operating in Europe have long played a relay role in facilitating transfers to the kingdom. This function has been weakened by European regulations adopted in the post-Brexit context.

Rabat now wants to identify all points likely to create "bottlenecks or chokepoints." Abdellatif Jouahri explains that this verification must be done country by country, in order to preserve operations as close as possible to what existed before.

On Bladi.net : Revolut Morocco rejected Bank Al-Maghrib delays fintech entry

Morocco began this work with France, before extending it to other European countries where many MREs live. The goal is clear: to prevent new rules from resulting, for Moroccans worldwide, in an accumulation of supporting documents and administrative constraints.