Morocco’s National Customs Investigation Brigade has expanded an investigation into a suspected network of fraudulent import operations after preliminary inquiries uncovered indications that more than $370 million may have been transferred abroad using potentially falsified commercial invoices from China and Malaysia.
The investigation has so far focused on five Moroccan companies suspected of carrying out fictitious import transactions that allegedly enabled the transfer of more than $370 million to accounts belonging to purported exporters in China and Malaysia over a period of less than 18 months, according to sources familiar with the case who spoke to Hespress AR.
The companies’ reported revenues and business activity were found to be inconsistent with the volume and value of the imports they declared, the sources said.
Customs investigators have compared information declared by the companies with international databases containing data on commodity prices and trade transactions.
The comparisons reportedly revealed significant discrepancies between the values listed on the invoices and prices used by manufacturers and suppliers, strengthening suspicions that import invoices may have been deliberately inflated to facilitate the transfer of additional foreign currency out of Morocco under the cover of legitimate trade transactions.
The investigation has also expanded to identify the Chinese and Malaysian exporters who received the transfers.
Some of those individuals or companies reportedly appear on watch lists maintained by foreign customs administrations and regulatory authorities, particularly in Asia and Europe, over previous suspicions of involvement in networks linked to fraudulent invoicing and manipulation of trade values, according to the sources.
The findings have prompted customs officials to broaden the investigation in coordination with Morocco’s Foreign Exchange Office to determine the ultimate beneficiaries of the transferred funds and whether the Moroccan companies were acting as fronts for other parties in exchange for commissions.
Tracing the money
Investigators are examining the movement of funds from Moroccan bank accounts to recipients abroad, while also reviewing commercial contracts, shipping documents, invoices, certificates of origin and customs clearance records.
The objective is to establish whether the goods associated with the transfers actually entered Morocco and whether some of the transactions existed only on paper, the sources said.
If confirmed, such practices could constitute violations of Morocco’s foreign exchange regulations and laws governing foreign trade.
Moroccan banks are required under current regulations to retain documentation related to import financing, including invoices, contracts, transportation records and proof of payment.
Those documents must be made available to the Foreign Exchange Office and other competent authorities when requested during inspections to verify the legality of transfers and compliance with applicable regulations.
Probe could widen
Sources told Hespress they expect the investigation to lead to additional cases as customs authorities analyze new financial and trade data.
Investigators are particularly examining whether networks have been using companies with limited business activity or recently established firms to conduct fictitious import transactions with foreign exporters.
Such arrangements could allow funds to be moved abroad by manipulating the declared value of imported goods and artificially inflating invoice prices.
The investigation remains ongoing, and the allegations have not been conclusively established.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.