Moroccan Exchange Office Investigates Exporters for Transferring Profits Abroad

Morocco's Office of Exchange (Banque du Maroc's foreign exchange regulator) is actively investigating a number of Moroccan exporting companies for suspected illicit financial practices. In collaboration with the General Directorate of Indirect Taxes and Customs, control elements are scrutinizing these firms, demanding additional accounting data and documentation. The objective is to correct the real value of profits that should have been repatriated to Morocco from export operations conducted for foreign importers.

The ongoing audits have, to date, targeted 23 companies operating in key sectors such as agri-food, textiles, and apparel. These investigations were initiated following a comparative analysis of export declarations and the accounting records of importers located in France, Spain, and Belgium. This cross-border data revealed discrepancies, raising suspicions of manipulation in invoice values and the declaration of lower prices to customs authorities.

Sources indicate that the investigations have uncovered evidence suggesting that some exporters have concealed profit differences by depositing them into offshore bank accounts, often using the names of relatives or acquaintances, some of whom hold foreign nationalities. These funds are allegedly being channeled into acquiring fixed and movable assets outside Morocco, particularly in Spain and France. The scrutiny extends to suspicions that some of the audited companies have commercial and financial ties with foreign entities and international service providers that are themselves under investigation in Europe for money laundering and illicit fund transfers.

The estimated value of profits not repatriated to Morocco exceeds 225 million dirhams. A portion of these undeclared funds is linked to exports operating under the "temporary admission" system, which allows for duty exemptions on imported goods intended for re-export. This system has broadened the scope of the investigations, as auditors examine the records of beneficiaries. The law mandates customs authorization and banking supervision for export contracts to ensure full payment from foreign buyers and prevent currency evasion. However, it appears that some entities, in collusion with foreign firms, are completing only 60% of the transaction value through official channels, with the remainder being settled outside formal banking systems into offshore accounts. This rigorous investigation by Moroccan financial authorities demonstrates a strong commitment to combating financial crime and ensuring the integrity of international trade practices, reflecting a proactive stance in safeguarding the national economy.