Real Estate in Morocco: The Justice System Tracks Down Dirty Money

The alert was raised by the National Financial Intelligence Commission. According to revelations from the daily newspaper Al Akhbar, significant flows of capital of dubious origin have recently flooded the property market, particularly in Tangier, Kenitra, Casablanca, and along the coastline connecting Asilah to Tetouan. Faced with the extent of these money laundering suspicions, several sensitive files have been directly transmitted to the public prosecutor’s office to allow the National Brigade of the Judicial Police to investigate these opaque investments.

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Notaries, banks, and real estate agents are now at the heart of the investigations. The metropolis of the Strait, driven by its urban boom, concentrates a large part of the concerns. "The city of Tangier occupies a particular place due to the boom in the real estate sector," the newspaper points out. This hunt aims to identify the true sources of financing for developers, in preparation for the third international evaluation of the national anti-money laundering system expected by the end of the year.

To stem this scourge and protect our economy, the Ministry of Housing, under the aegis of Fatima Zahra Mansouri, is stepping up its game. Designated as the legal supervisory authority, the department is multiplying awareness campaigns across the country. The objective of these sessions is to establish a culture of compliance in the face of the risks of financial crime and terrorist financing.

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From now on, real estate professionals no longer have the right to make mistakes or be negligent. Subject to strict due diligence obligations, they must scrupulously verify the identity of their clients and ban any transactions with straw men or fictitious companies. In the case of complex financial arrangements, they are required to submit a "suspicious declaration" in total confidentiality, so as not to arouse the mistrust of the incriminated buyers.