The Moroccan government has dispelled the concerns that persist among Moroccans residing abroad following the postponement of the agreement for the automatic exchange of financial information between Morocco and the Organization for Economic Co-operation and Development (OECD) until the parliamentary commission for foreign affairs, civil defence, Islamic affairs and Moroccans residing abroad. These concerns mainly relate to the security of their property and assets in Morocco, as well as the legal consequences they may face.
During the weekly press conference at the end of the Government Council, the government spokesman, Mustapha Baitas, answered questions from journalists and affirmed that there was “no currently no reason to worry about Moroccans around the world, especially the Moroccan Community Abroad (MRE)“, emphasizing that there was nothing that could compromise their rights or their situation.
The debate on draft law no. 77.19 relating to the automatic exchange of information on financial accounts has been relaunched. This piece of legislation was introduced in the House of Representatives four years ago, but has not been approved by Parliament. This is a multilateral agreement between competent authorities on the automatic exchange of financial account information, signed by Morocco on June 25, 2019 in Paris.
Previously, the Moroccan Ministry of Foreign Affairs, through the Directorate of Legal Affairs and Treaties, revealed that this agreement establishes an international legal framework that governs a set of rules and norms between member states. Its objective is to improve tax compliance and combat tax evasion by strengthening mutual cooperation in tax assistance.
According to the note published by Management, the Moroccan government, represented by the Ministry of Economy and Finance, signed this agreement on June 25 as a member of the treaty on mutual administrative assistance in tax matters under the OECD. .
This agreement is based on the provisions of the Treaty on Mutual Administrative Assistance in Tax Matters, which allows two or more parties, through their competent authorities, to automatically exchange information for tax purposes.
In this context, several parliamentarians urged the Ministry of Economy and Finance to take action and disclose the provisions of the automatic exchange of information agreement signed with the OECD, which would reveal the financial accounts of Moroccans residing abroad in their country of origin to the authorities of the countries of residence.
Recently, the Banque du Maroc published data on transfers from Moroccans residing abroad (MRE), which indicate a positive medium-term trend, with an annual increase of around 3.5% to reach 114.7 billion. dirhams in 2023 and 118.7 billion in 2024.
Some MPs believe that it should not be ignored that several Moroccan families could be exposed to prosecution in the countries of residence because of the exchange of information on their assets in Morocco, even if these assets are modest and essential , such as owning a house in Morocco. The same MPs point out that some of these Moroccan families could even be threatened with eviction from social housing abroad or the loss of acquired social benefits, such as pension benefits.