Morocco’s Exchange Office probes suspected import fraud worth MAD 780 million

Morocco’s Office des Changes has launched a sweeping investigation into suspected fraudulent import operations involving tens of Moroccan importers, with questionable bank transfers totaling around MAD 780 million (USD 78 million), according to well-informed sources.

The investigation, initiated by the Office’s audit and risk management division, focuses on false invoices and inconsistent bank transfer certificates used mainly for imports from Asian countries, especially China, Thailand, and Vietnam.

The probe revealed that approximately half of the payment amounts were transferred through official banking channels, while the remaining sums were allegedly settled through intermediaries abroad using local currencies — a scheme that significantly reduced the importers’ customs duties.

According to the same sources, the banking documents provided by some importers to Customs authorities did not reflect the true value of the goods imported, despite manipulation of invoices meant to mislead oversight bodies.

Moroccan brokers operating abroad, particularly in China, were implicated in illicit currency exchange activities, providing large amounts of Chinese yuan in exchange for Moroccan dirhams. The dirhams were then funneled back to China as fictitious profits from supposed Moroccan-based businesses.

The Office des Changes has reportedly contacted its counterparts in the exporting countries to gather data on the commercial transactions, including the financial trail of the transferred funds, some of which were routed through third-country bank accounts accessible to Moroccan importers. Customs officers and international data networks are being used to trace the activities and assess the legitimacy of the transactions.

The companies under investigation are now subject to full audits of their licensing procedures, especially bank-issued authorizations for international transfers. This follows recent discoveries of fake transfer permits issued by one Moroccan banking group, prompting the Exchange Office to tighten control over critical documentation.

Under Moroccan law, importers must secure an import permit and submit it to a bank, which then processes the payment under foreign exchange regulations. The bank must maintain a comprehensive transaction file available for inspection by Exchange Office controllers.

Sources also said that the probe has expanded to include fiscal and legal checks on the importers, using data from the Tax Directorate, which revealed inconsistencies in revenue and profit declarations.

Many of the companies were found to be recently established, operating across a wide array of business sectors, and showing unusually high volumes of import activity, often related to small consumer goods linked to seasonal events like Ramadan, Eid al-Adha, and back-to-school periods. Customs valuation units have had difficulty determining the true value of such items.