Authorities in Morocco have launched an extensive investigation into suspected money laundering operations involving construction and public works companies, according to Hespress AR sources familiar with the matter.
A bank official flagged suspicious financial activity after detecting frequent, high-value deposits into accounts held by newly established companies at his agency.
The official submitted a report to the parent banking group’s central services, which subsequently forwarded it to the National Financial Intelligence Authority (ANRF).
Sources said the deposits, often made using checks from supposed business partners, were traced to shell companies.
These entities reportedly used fake renovation contracts for rented apartments and warehouses to justify non-existent commercial transactions.
The companies involved—most of which were less than 18 months old—alarmed the bank official due to their daily large deposits and broadly defined business activities.
Only four companies were engaged in the transactions, settling invoices via direct bank transfers and checks.
Investigators are focusing on identifying company managers and the recipients of the alleged services. Some of the businesses were reportedly operated by Moroccan expatriates, particularly from France, who submitted tax declarations on time.
However, discrepancies between declared operations and supporting bank records triggered further scrutiny.
Two of the companies are currently under tax audit for inconsistencies in financial statements, including inflated invoice values that exceeded market averages for construction materials and labor costs.
The ANRF referred 71 cases related to money laundering and terrorist financing to public prosecutors in Rabat, Casablanca, Fes, Marrakech, and the Rabat Court of Appeals. Its 2023 annual report noted a 31.5% rise in case referrals compared to the previous year.
Fraud, forgery of bank statements, and falsification of financial documents accounted for 38% of cases, with emerging concerns involving sports betting, pyramid schemes and cryptocurrencies.
The investigation has also highlighted advancements in data analytics by partner agencies such as the General Directorate of Taxes.
Authorities are increasingly able to detect not only underreported profits but also artificially inflated earnings and transactions—red flags for money laundering.
Sources said individuals are now setting up businesses to inject illicit funds into their capital, creating fake transactions and paying taxes to legitimize the money’s origin.
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