The investigations have uncovered cases where Moroccan residents allegedly purchased real estate abroad without going through official banking channels or obtaining prior authorization from the Foreign Exchange Office. These transactions were reportedly facilitated through cryptocurrency platforms that provide anonymity and privacy protections, making it difficult to trace the origin of funds.
Investigators have identified individuals suspected of using significant amounts of Bitcoin, Ethereum, Tether, Litecoin, and Ripple to finance real estate investments, primarily through specialized agencies focused on rental properties.
Authorities are particularly scrutinizing the role of international real estate agencies that employ Moroccan intermediaries in property marketing.
The probe extends to high-value real estate purchases made by Moroccans holding residency permits abroad, which were allegedly used as a loophole to bypass national foreign exchange regulations. Under Moroccan law, residents seeking to acquire property abroad must obtain prior approval from the Foreign Exchange Office, with each application reviewed on a case-by-case basis.
Recent data from the French financial services firm HelloSafe indicates that six million Moroccans—approximately 16% of the population—owned or traded cryptocurrencies by the end of last year, marking a significant increase of 2.5 million new users between 2019 and 2024.
This surge, representing a 60% growth in five years, has raised concerns over its impact on Morocco’s economy, particularly due to the potential for capital flight and money laundering.
Investigators are also examining aggressive promotional campaigns targeting Moroccan investors through social media, advertising foreign real estate investments with discounts and marketing tours in cities such as Casablanca, Marrakech, and Tangier.
These campaigns, which promote high-value properties priced in the millions of dollars, have fueled suspicions regarding the sources of funds and the channels used to complete such transactions. The Foreign Exchange Office remains committed to tightening oversight and enforcing regulations to safeguard Morocco’s financial system from illicit activities linked to cryptocurrency transactions and unregulated capital transfers.
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