Morocco’s Exchange Office has reported voluntary declarations generating 231.76 million dirhams in contributions to the public treasury.
The Moroccan Exchange Office announced that the 2024 voluntary asset declaration process for undeclared foreign-held assets resulted in declared assets totaling over 2 billion dirhams (over $198 million).
In a statement released on Tuesday, the Office confirmed that 658 declarations were filed as part of the settlement process, with the total declared assets exceeding 2 billion dirhams.
Financial assets represented the largest share, valued at 916.2 million dirhams, or 45% of the total. Real estate came in second, amounting to 868.3 million dirhams, or 43%.
Cash holdings accounted for the remaining 12%, valued at 244.7 million dirhams.
This operation generated contributions to the public treasury amounting to 231.76 million dirhams, the statement noted.
The 2024 results fell short compared to previous settlement programmes.
In 2020, declarations reached approximately 6 billion dirhams, while the 2014 programme set a record with 28 billion dirhams in declared
assets.
The voluntary settlement process enables Moroccan residents with undeclared foreign-held assets or funds to regularize their status.
This applies to assets acquired before January 1, 2024, which were in violation of foreign exchange control laws.
Undeclared assets may include real estate, financial holdings, or cash deposits in foreign banks or institutions.
Under the procedure, reinstated by the 2024 Finance Law, individuals declare their foreign-held assets, repatriate their foreign currency holdings to Morocco, and pay a one-time settlement fee. The applicable fee rate varies between 10%, 5%, or 2%, depending on the type of assets.
“During this settlement period, individuals who have acquired assets and holdings abroad in violation of foreign exchange regulations can file their declarations using a standardized form at any bank branch of their choice,” the Exchange Office explained.
MK/te/sf/lb/gik/APA