Morocco's Crypto Crackdown: Unveiling Suspicious Property Deals
1min read Morocco has launched a crackdown on cryptocurrency-funded property deals, with authorities investigating overseas real estate purchases by Moroccan citizens. The Monitoring and Oversight Department, along with the Studies and Statistics Department, are jointly conducting the investigation following reports of suspicious money movements from international agencies.
The investigation focuses on real estate transactions that may breach monetary flight regulations. Cryptocurrency transactions, such as those involving Bitcoin and Ethereum, are under scrutiny due to their opaque nature and the anonymity they provide to buyers. This makes it challenging to trace the origin of funds and ensures compliance with banking and foreign exchange rules.
Moroccan citizens with foreign residency permits are also under investigation for their property acquisition activities. Authorities suspect that some individuals may be exploiting their advantages to avoid Morocco's legal requirements for purchasing property abroad. The Foreign Exchange Office requires specific authorization before such purchases can be made.
The rapid growth of the cryptocurrency society in Morocco has raised concerns about capital flight and potential financial crimes. A report by HelloSafe predicts that by the end of 2024, six million Moroccans (16% of the population) will hold cryptocurrency, representing a 60% increase over five years.
Moroccan officials are examining promotional schemes that use aggressive methods to attract real estate buyers from the country. Social media platforms display various advertisements promoting luxury properties at discounted prices, which authorities believe may facilitate non-regulated financial operations.
The Foreign Exchange Office is committed to enhancing financial oversight measures to prevent illegal cryptocurrency use and maintain Morocco's economic stability through proper regulatory mechanisms.
