Moroccan financial authorities are scrutinizing potential money laundering schemes involving real estate projects and individuals wiht connections to students studying abroad. The National Financial Intelligence Authority (ANRF) is investigating links between real estate developers, management office members, and beneficiaries who have made considerable property investments – up to 700,000 dirhams – despite financial circumstances that appear inconsistent with such purchases.
The inquiry, as reported by hespress, focuses on verifying the sources of funds used for these investments. authorities are examining financial transfers linked to student allowances, tuition fees, and bank transactions between students and their families. A key aspect of the inquiry involves determining if students are being used to facilitate illicit financial activity.
Controllers are also investigating the origin of funds deposited into accounts held by real estate developers in the names of “fictitious” beneficiaries, and potential connections to international drug trafficking. This follows indications of involvement by management office members in such activities.
To gather information, the ANRF, in collaboration with the Exchange and Banks Office, plans to interview Moroccan students abroad to verify the legitimacy of financial transfers from their Moroccan bank accounts to real estate developers. They will also cross-reference student work permits with their real estate investments and the cost of their education. Efforts are also underway to address internal disputes within management offices and prevent legal challenges.
The investigation reveals a pattern where relationships between beneficiaries, local officials, investors, and influential figures have expedited real estate acquisitions and project completion, allowing for rapid turnover and the initiation of new ventures. authorities aim to uncover any irregularities and ensure compliance with financial regulations.
