24 Hrs
Source:
ناظورسيتي
Currency Office Probes 37 Cases of Hidden Foreign Income
Moroccan currency exchange offices are intensifying audits and inspections of Moroccan exporters and investors who operate outside the kingdom, aiming to ensure their compliance with repatriating foreign currency earnings to Morocco within legal frameworks. Investigations focus on 37 cases related to export and investment activities over the past three years, involving the review of documents and contracts to verify the accuracy of financial declarations. Data indicates suspicions of using investment structures to underreport the amounts declared or to keep profits outside Morocco, leading to the issuance of official notices to those concerned for clarification of discrepancies before possible legal action. This campaign seeks to uphold exchange control laws by improving the monitoring of capital transactions, in cooperation with tax and customs authorities, especially given preliminary estimates suggesting that unrepatriated sums could reach approximately 45 million dirhams.
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