Morocco’s Exchange Office has announced that it is implementing rigorous measures to tackle currency declaration fraud and ensure adherence to exchange regulations, stating that it intends to make travel “more fair and secure for all.”
Focusing on undeclared currencies and illicit capital outflows, the office is intensifying inspections through document-based investigations, on-site inspections, and collaborations with individuals and banks engaged in money transfers.
These measures are expected to ensure compliance with current exchange regulations and will subject offenders to criminal penalties. Individuals found violating the new regulations will face hefty fines and potential prison sentences ranging from three months to five years.
With respect to foreign currencies, Moroccan law allows for flexibility in claiming certain expenses abroad, and there is no limit set for medical expenses and overseas school fees. For personal travel, an allowance of 100,000 MAD is permitted, subject to a 30% income tax surcharge, with a maximum limit of 300,000 MAD per person per year.
Those found violating the regulations will face fines up to six times the amount of undeclared currency and possible prison time.
In the past five years, the Exchange Office has significantly enhanced its monitoring mechanisms by integrating technological and human resources for digital information processing. Collaborations with the General Tax Department (DGI) and the customs administration have also been instrumental in implementing targeted regulation. The Electronic Data Interchange (EDI) system with banks provides real-time access to information on capital flows.
As part of its strategic action plan for 2022-2026, the Exchange Office is raising awareness about the regulations, ramping up inspections, intensifying efforts to prevent money laundering and terrorism financing, adapting regulation to financial innovations, and strengthening ties with professional institutions and associations.
The measures are intended to provide more flexibility to Moroccan travelers and ensure strict compliance with exchange regulations.