Wealthy Moroccans are in the viewfinder of the Exchange Office. The latter would have bought luxury watches and jewelry in brands in France and Luxembourg, without prior declaration at the borders, in violation of Moroccan law in terms of exchange.
Following exchanges of information with European partner institutions in the fight against money laundering and the escape of currencies, the exchange office discovered that these wealthy Moroccans made cross -border payments not declared for the purchase of luxury products.
The controllers invited a Moroccan businessman to justify the origin of the funds used for the purchase of Swiss watches at more than 60,000 euros per unit, after he filed a complaint against a Parisian store representing a Swiss brand for lack of compliance during the warranty period.
-To read: Currency traffic in Morocco: the alert exchange office office
This dispute has drawn the attention of the controllers of the exchange office who have screened his travel expenses and his foreign exchange allowances declared over the past four years, relating to significant financial differences between the data disseminated on social networks and the official declarations made to Moroccan customs.
The concerned settled these purchases of luxury products by transfers from bank accounts of Moroccans living abroad (MRE) or foreigners, then declared them as occasion to escape customs. In recent times, the exchange office has strengthened controls to end the non-declaration of purchases abroad.
