Morocco starts incentive procedures to repatriate illegally smuggled funds
(MENAFN) The Moroccan Exchange Office recently unveiled a strategic initiative aimed at retrieving funds illicitly transferred out of the country, introducing a series of incentive measures designed to encourage the return of these assets within a specified timeframe. As delineated in a statement obtained by Anadolu, the Exchange Office officially launched an "automatic settlement process" effective from the onset of January, with the initiative set to remain active until December 31, 2024.
Elaborating on the scope and parameters of this initiative, the Exchange Office clarified that the amnesty primarily targets individuals and entities with financial affiliations within Morocco, encompassing those possessing a financial residence, registered office, or fiscal headquarters in the country. Specifically, the amnesty provisions extend to individuals and companies that have previously violated Morocco's exchange laws, which govern the inflow and outflow of funds, prior to the commencement of this year.
Furthermore, to facilitate a seamless and confidential declaration process, the Exchange Office emphasized that participants can discreetly submit their declarations to a bank of their preference without disclosing their identities. In a bid to incentivize compliance and expedite the repatriation of funds, the initiative offers a compelling proposition: indi
viduals and entities implicated in illicit financial activities will be absolved from penalties and fines contingent upon repatriating their funds to Morocco within the stipulated timeframe. Collectively, these measures signify Morocco's concerted efforts to bolster its financial integrity framework, while concurrently incentivizing the restoration of unlawfully transferred assets to fortify the nation's economic stability and resilience.
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