Moroccan bank agrees to pay 175 million euros to settle Belgian judicial case

Morocco's Banque Centrale Populaire, along with its French subsidiary Banque Chaabi du Maroc and three of its directors, has reached a settlement with Belgium's Federal Prosecutor's Office, agreeing to pay more than 175 million euros to end a judicial proceeding.

The accused faced charges before the Brussels Criminal Court for illicit activities conducted between January 1, 2003, and December 23, 2022. These included operating without authorization in banking, credit, and insurance sectors, illegally soliciting public deposits, providing illicit payment services, and engaging in unauthorized financial intermediation.

The prosecutor's office utilized a "penal agreement" mechanism, allowing for the resolution of public action through a financial payment without the parties admitting guilt. The Brussels Court of First Instance ratified the agreement, deeming the substantial sum proportional to the offenses and the individuals involved.

Following the case's closure, the Federal Prosecutor's Office highlighted the strategic importance of combating financial, economic, and fiscal crime. The office announced plans to intensify such actions through a newly established financial section, which will work closely with the organized crime unit.