Some drug traffickers have turned horse breeding stables into mechanisms for laundering drug money, investing in agricultural land and establishing horse stables for trade.
According to Assabah newspaper, one wealthy individual, linked to international drug trafficking networks and a business owner in import/export, has recently entered the horse market. He purchased a farm near Tangier, housing dozens of purebred horses for trade.
This individual, who owns logistics and import/export companies, has expanded into the horse breeding sector to launder suspected illicit funds.
The horse trade sector, characterized by weak regulation and minimal requirements for financial documentation compared to other businesses, presents an opportunity for money laundering.
Transactions in this market can be conducted in cash, and the only documentation required is the transfer of ownership between buyer and seller.
This allows for manipulation of transaction values, where a horse worth only 150,000 dirhams could be declared at double its actual value, Assabah reported.
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