Over 3 million dirhams in assets have been disclosed as part of the 2020 Spontaneous Regularization Operation, according to Director General of the Foreign Exchange Office, Hassan Boulaknadel.
“The operation will soon come to an end. A few days separate us from the deadline set for December 31, 2020 (…) According to the latest figures provided by banks, the declarations of assets exceeded 3 billion dirhams,” Boulaknadel said in an interview with MAP.
“Since the launch of this operation, we have communicated with banks and large-scale media to convince, raise awareness, dispel uncertainties and remove ambiguities, he explained.
In order to mitigate the impact of the coronavirus pandemic on the progress of the spontaneous regularization operation, the Amended Appropriation bill No. 35-20 has set a new deadline on December 31, 2020, instead of October 31, 2020, as originally planned.
This extension, which has had the desired effect, has proved necessary to make up for lost time and revive an operation undoubtedly intended to restore confidence, the Foreign Exchange Office CEO said.
The circumstances prevailing in recent months have discouraged many citizens from taking the step and seizing this last opportunity, Boulaknadel added.
The spontaneous regularization operation allows individuals of Moroccan nationality and legal entities with a tax residency in Morocco, holding assets and cash abroad, to regularize their situation vis-à-vis the Exchange Office and the Tax Administration.
The launch of this operation stems from the Kingdom’s will to establish a climate of confidence, to reconcile Moroccans with the national economy and to give them faith in its future and its development potential.
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