Morocco imposes fines on those who do not regularise their money
The Moroccan government has launched an initiative for citizens to regularise undeclared cash by 31 December 2024.
According to Jamal Ma'touq, a legal expert, this measure aims to address the high flow of cash outside the banking system, which represents almost half of the country's Gross Domestic Product (GDP), estimated at 1,700 billion dirhams.
The proposal allows citizens to declare their funds by paying a reduced fee of 5%, which legalises the money and facilitates its use in unrestricted purchases and commercial transactions. The aim of this measure is to reduce uncontrolled cash circulation and broaden the tax base.
Therefore, from 2025, those who do not regularise their situation will face fines ranging from 30% to 37% of the total amount of money detected.
Ma'touq recalled that a similar measure implemented in 2021 was criticised for not sanctioning those who did not declare their funds, which raised doubts about the effectiveness of the initiative.
The government is seeking to raise funds to finance key economic commitments, including the universalisation of social protection, direct social support, and preparations for the 2025 Africa Cup of Nations and the 2030 World Cup. As Ma'touq explained, these initiatives require significant investments and the mobilisation of financial resources.
Transparency and financial sustainability
He stressed that this measure not only seeks to strengthen transparency in the financial system, but also reflects the government's commitment to tax fairness and sustainability.
Declaring money allows citizens to avoid harsher penalties and, at the same time, to contribute to the country's development.
With this initiative, Rabat has encouraged citizens to reflect on an opportunity that combines a reduced cost with the possibility of actively participating in the financing of key projects that will define Morocco's future.
