senior officials in the crosshairs of the Exchange Office

Involved in suspicious transactions carried out in approved commercial points. Furthermore, mainly in Casablanca, Rabat and Tangier, businessmen and certain elected officials, old and current, as well as members of their families and relatives are in the viewfinder of the controllers of the Exchange Office.

Everything started from failures noted in certain approved points mainly in Casablanca, Rabat and Tangier. Therefore, Two businessmen. Therefore, a commune president on the outskirts of Casablanca are involved in major currency collection operations, in particular the euro, via transactions carried out in approved points and, to a lesser extent, on the parallel market, report sources to Hespress. In addition, These observations prompted the controllers to coordinate their audit missions with manual companies. Consequently, exchange offices with the services of the Court of Auditors by operating its databases relating to heritage declarations.

To read: Morocco: The exchange senior officials crosshairs exchange office office detects massive fraud

The auditors have checked the documents. accounting documents for the past four years to determine whether the companies concerned have complied with their obligations: identification of customers, collecting detailed information on the origin of funds and justification of operations carried out. Above all. they seek to ensure compliance by the exchange offices of the prohibition to execute a transaction in the absence of identity verification, or when the data provided appears inaccurate. Thus. the controllers were able to detect cases where managers have failed to report suspicious operations, such as the law obliges them, with the national financial intelligence processing unit, inform the same sources, specifying that these failures concern in particular files related to money laundering and the financing of terrorism.

To read: Morocco: The exchange office goes up a large fraud network

The Inspectors of the Exchange Office have. claimed from managers of the senior officials crosshairs exchange office targeted companies that they provide them with the activity monitoring reports provided for by the regulations. They also demanded from certain exchange companies for documents relating to operations dating up to eight years. These requirements include the ability to reconstruct operations at any time. to transmit to the competent authorities the information required within the time limits, etc.

To read: Morocco: The exchange office tracks down subsidiaries of foreign companies

As a reminder. 353 investigation missions were carried out in the sole year by the control services of the exchange office. At the same time. 246 missions were carried out with companies in various sectors such as trade and industry, food, textiles, services, information and communication technologies, etc.