The Foreign Exchange Office is strengthening its controls to identify undeclared currencies and fraudulent capital outflows. In this context, it carries out documentary investigations (use of information systems to analyze documents and transactions) and on-site controls (audits and investigations of individuals and banks involved in transfers). These operations aim to guarantee compliance with the texts in force regarding foreign exchange and to sanction offenders, relays Media24.
When it comes to currencies, Moroccan legislation does not set a ceiling for medical care and tuition fees abroad. With regard to personal travel, an allocation of 100,000 dirhams is provided, with a 30% increase in income tax, all of which must not exceed 300,000 dirhams per person per year. Violators face fines of up to six times the amount of undeclared currency as well as prison sentences of 3 months to 5 years.
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Over the past five years, the Office has strengthened its control mechanisms. This, by equipping itself with technical and human resources for digitalization of information processing, by collaborating with the General Tax Directorate (DGI) and the customs administration for more targeted control, and by setting up a system Electronic Data Interchange (EDI) with banks to have all information on capital flows available in real time.
As part of its 2022-2026 strategic action plan, the Office plans to increase awareness of regulations, strengthen controls, intensify the fight against money laundering and terrorist financing, adapt the regulation to financial innovations and to develop partnerships with professional institutions and associations. All these actions aim to offer more flexibility to Moroccan travelers and to ensure strict compliance with foreign exchange regulations.
