Suspicious bank transfers in spark new tax audit investigation

Moroccan tax authorities are investigating a network of suspicious bank transfers totaling significant amounts of money, which have been linked to potential money laundering in the real estate sector.

The General Directorate of Taxes launched the probe after two banking groups flagged irregular deposits into newly opened accounts in Casablanca and El Jadida. Large sums of money were transferred from other accounts before being used in real estate transactions facilitated by notaries, sources told Hespress.

Preliminary investigations revealed that the funds, often in cash, were deposited into corporate accounts and subsequently transferred to specific recipients. These transactions, valued between 150,000 and 200,000 dirhams on average, occurred repeatedly from December through January.

Officials suspect the operation involves the funneling of unidentified cash into the banking system to finance real estate purchases. Some individuals behind the transactions are reportedly linked to single-member limited liability companies or inactive businesses that have not filed tax returns in years.

The suspicious activity coincided with the government’s voluntary tax settlement initiative, which ended on Dec. 31. The program allowed taxpayers to declare previously undisclosed assets, including real estate, loans, and partner account balances, in exchange for a 5% contribution that shields them from further audits. The initiative generated more than 6 billion dirhams for state coffers from 127 billion dirhams in declared assets.

However, the tax authorities uncovered patterns of repeated cash deposits by entrepreneurs into corporate accounts, raising red flags among bank officials. These officials alerted internal oversight teams after noting inconsistencies between the deposits and the financial profiles of the companies involved.

Tax auditors plan to scrutinize individuals transferring funds through corporate accounts, as well as the beneficiaries of these transactions. Authorities are coordinating with the Financial Intelligence Unit to determine if the operations constitute money laundering. Inactive companies used in the transfers will also face deregistration from commercial records.

This investigation highlights ongoing efforts to combat financial crimes, as Morocco balances its voluntary tax settlement gains with the enforcement of stricter financial oversight measures.