In a decree issued by the Minister of National Planning, Urban Development, Housing and Urban Policy, Fatima-Zahra Mansouri, the State requires real estate agencies to report any suspicious transactions by their clients in connection with the sale or purchase of property. This measure aims to make the fight against money laundering and terrorist financing everyone’s business.
Moroccan authorities are tightening the noose in the fight against money laundering. After the banking, insurance and notary professions, it is now the real estate sector that is called upon to put in place a mechanism of vigilance and internal control that would make it possible to verify the identity of all their clients. This new decision was taken within the framework of Law n° 43.05 relating to the fight against money laundering promulgated, in particular its articles 5 and 13.1 as well as Decree n° 2.21.708 relating to the public register of beneficial owners of companies established in Morocco and legal constructions without forgetting the decision of the National Council of the National Financial Intelligence Authority n° D1/ANFR/2021 relating to the obligations of the persons subject to the law and the forms of control.
In addition, the said order prohibits real estate agents from dealing with any natural person with a dubious identity, as well as with ghost companies. Scales must also be set for the various operations carried out by customers. If these scales are exceeded, the transactions are considered suspicious and the estate agent must notify the relevant authorities. The collection of clients’ personal information, based solely on official documents issued by the Moroccan authorities or recognised foreign institutions, is therefore the rule. The scheme should apply to all business relationships, regular and occasional customers and beneficial owners. Any suspicions must be reported to the National Financial Intelligence Authority. In case of failure to comply with the duty of vigilance and control, the real estate agent is subject to a fine of up to 1 million dirhams.
