Moroccan authorities are investigating a surge in suspicious bank transfers abroad, suspected to be linked to money laundering by businessmen exploiting “golden visas.”
The National Agency for Financial Information (NAFI) and the Exchange Office (Bureau de Change) flagged these transfers exceeding the authorized limits for the visa program.
Golden visas, offered by some European countries like Portugal and Spain, grant residency to wealthy individuals who invest a certain amount. However, the investigation suggests Moroccan businessmen are abusing this system.
Sources familiar with the case revealed to Hespress that authorities received alerts from European counterparts with whom Morocco has agreements to combat money laundering and terror financing.
These alerts identified frequent bank transfers with SWIFT payment orders originating from Moroccan businessmen.
These individuals, owning companies in sectors like cosmetics, construction materials, and IT equipment, had obtained golden visas through intermediary firms specializing in investment visa procedures.
The investigation exposed transfers exceeding the investment amounts stipulated for the golden visas. For instance, transfers to Portugal significantly surpassed the €500,000 limit for property acquisition.
Scrutiny of bank and administrative documents submitted through investment visa facilitators in Spain and Malta revealed suspicious patterns. Authorities also discovered instances of businessmen acquiring multiple properties for “investment purposes,” financed by large sums transferred through banking channels within short periods.
Some investment visa facilitators reportedly advised Moroccan businessmen to prioritize Portugal due to its supposedly more relaxed procedures.
Portugal allegedly offers easier investment opportunities and less stringent background checks, particularly for non-EU applicants, compared to Spain, which has intensified information exchange with other countries through international organizations and agreements.
The probe further uncovered that some businessmen involved in suspicious transfers faced legal issues related to company liquidation.
One businessman reportedly liquidated real estate assets in Casablanca and Fez, transferring the proceeds abroad. This move is suspected to be an attempt to evade potential legal actions that could extend the liquidation process if the court finds him responsible for his company’s bankruptcy or identifies an intermingling of personal and company finances.
Financial regulators have broadened their investigation to include the criminal and tax history of those involved in the suspicious transfers.
Information suggests some individuals have prior offenses related to issuing bad checks and are subject to tax liens from the Directorate General of Taxes due to outstanding debts and past tax audits.
These findings reinforce suspicions of money laundering motivated by a desire to circumvent asset seizure.
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