Morocco’s Exchange Office has launched a broad investigation into suspected abuses of import advance licenses, known as “les avances sur l’importation,” after signs emerged that the mechanism may be exploited to illegally transfer funds abroad, sources familiar with the matter told Hespress.
The probe, coordinated with the office’s licensing and user relations department, was triggered by alerts from the research and statistics division.
These reports flagged anomalies suggesting that certain importers may have used legally obtained advance licenses to facilitate illicit capital flight.
Investigators have reportedly compiled a list of importers under suspicion and are now auditing their license files, working in coordination with involved banks and the General Directorate of Customs and Indirect Taxes. Preliminary findings suggest the use of inflated invoices in some cases in collaboration with suppliers based in Central and South America as well as East Asia, to justify higher foreign exchange advances, which were partially rerouted to offshore accounts.
In other instances, importers allegedly staged fake trade disputes to avoid repatriating the advance funds.
Officials say some operations relied on seasoned international financial intermediaries to disguise fund flows and exploit Morocco’s CREDOC payment facility, which allows foreign suppliers to be paid via bank commitment upon delivery.
The Office des Changes is also reportedly working with foreign counterpart agencies to trace fund flows and identify offshore networks linked to Moroccan importers under scrutiny.
Authorities are leveraging customs expertise and international databases to map the full extent of the alleged violations.
Under Moroccan regulations, advance payments for imports are tightly monitored and capped, typically at 30% of the transaction value.
Importers are expected to complete transactions within 90 days and provide proof of delivery, such as customs declarations.
Any discrepancy or invoice manipulation can turn an otherwise legitimate transaction into a vehicle for capital flight.
The investigation underscores rising concerns over illicit financial flows and highlights the need for enhanced due diligence and inter-agency coordination to safeguard Morocco’s foreign exchange reserves and financial transparency.
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