Assahafa.com
Morocco’s Exchange Office has announced that the 2024 voluntary asset disclosure process for undeclared properties and funds held abroad has resulted in total declared assets exceeding MAD 2 billion (over $198 million).
The office issued a press release on Tuesday confirming that 658 declarations were submitted as part of the settlement process, amounting to over MAD 2 billion.
Financial assets formed the largest share, with a declared value of MAD 916.2 million, representing 45% of the total. Real estate came second, valued at MAD 868.3 million or 43%.
Cash holdings came last, with MAD 244.7 million, making up 12% of the total declared amount.
The process generated MAD 231.76 million in contributions to the state treasury, according to the statement.
The 2024 results fall short of previous settlement programs. In 2020, the declarations reached approximately MAD 6 billion, while the 2014 program set a record with MAD 28 billion in declared assets, Le360 reported.
The voluntary settlement process allows Moroccan residents who hold undeclared properties or funds abroad to legalize their status. This applies to assets acquired before January 1, 2024, which were in violation of exchange control laws.
The undeclared assets could include real estate, financial holdings, or cash deposits in foreign banks or institutions.
Under this process, which was reinstated under the 2024 Finance Law, individuals declare their foreign-held assets, repatriate cash holdings in foreign currencies to Morocco, and pay a one-time settlement fee. The fee rate varies between 10%, 5%, or 2%, depending on each case.
“During this settlement period, individuals who have acquired assets and holdings abroad in violation of exchange regulations will be able to file their declaration, using a standardized form, at any bank branch of their choice,” the Exchange Office said.
Source: Morocco word news
