The offence of money laundering
- Money laundering consists of acquiring, holding, using, converting or transferring property knowing that it derives from an offence, as well as concealing its origin (Art. 574-1 Criminal Code).
- Money laundering is punishable by two to five years' imprisonment and a fine of 20,000 to 100,000 dirhams, with heavier penalties where it is habitual, committed by an organised gang or a repeat offence (Art. 574-2 and 574-3 Criminal Code).
- Legal persons are liable to fines and dissolution; the property is confiscated.
Obligations of regulated persons
- Identification of the customer and the beneficial owner, ongoing due diligence and retention of records for ten years.
- Suspicious transaction reports to the National Financial Intelligence Authority (ANRF), without informing the customer.
- Breaches are sanctioned by the supervisory authorities and, in the case of failure to report, by criminal fines.
Key articles
Art. 574-1 Criminal Code
« The following offences constitute money laundering when committed intentionally: acquiring, holding, using, converting, transferring or transporting property or its proceeds for the purpose of concealing or disguising its origin, and assisting any person involved in the commission of the predicate offence to evade the legal consequences of their actions. »
Art. 574-2 Criminal Code
« Money laundering is punishable, in the case of natural persons, by two to five years' imprisonment and a fine of 20,000 to 100,000 dirhams. »
A lawyer's points to watch
- Large real estate and corporate transactions in cash draw the attention of regulated persons: document the origin of the funds.
- An administrative freeze of assets may be challenged; the assistance of a lawyer is required from the moment of notification.
- Regulated professionals must formalise their internal procedures to avoid personal liability.
The English text on this page, including the quoted articles, is an unofficial translation. Information sheet prepared by Maître Lahfaia Law Firm, Rabat. It does not constitute legal advice. Only the text published in the Official Bulletin of the Kingdom of Morocco is authoritative; the articles cited may have been amended since this sheet was written.