Casablanca – Morocco witnessed a significant surge in financial crimes in 2023, with authorities reporting sharp increases in money laundering, terrorism financing, and other fraudulent activities. These developments underscore the country’s intensifying efforts to tackle evolving criminal trends in the financial sector.

Record increase in financial crime cases

The National Financial Information Authority (ANIF) reported a 31.48% rise in cases of money laundering and terrorism financing in 2023, referring 71 cases to public prosecutors. Fraudulent activities such as forgery, falsified financial documents, and pyramid schemes accounted for 38% of the cases. The emergence of illicit operations involving cryptocurrency and sports betting further highlighted the evolving nature of financial crimes.

Rising suspicious transaction reports

The number of suspicious transaction reports (STRs) rose to 5,777 in 2023, marking a 10.93% increase from the previous year. Of these, 5,739 were linked to money laundering, reflecting a staggering 441.93% rise since 2018. Reports concerning terrorism financing were fewer, with 38 cases recorded.

The banking sector led in reporting suspicious transactions, contributing 44.82% of STRs. Payment service providers accounted for 19.56%, while non-financial entities showed notable progress with a 44% increase in compliance, attributed to intensified training and awareness programs.

Expanded investigations and enhanced cooperation

Moroccan authorities processed 972 information requests from law enforcement for parallel financial investigations and issued over 222,000 additional data requests to obligated entities. ANIF leveraged improved access to key databases, including customs records, corporate registries, and banking systems, to strengthen its analysis.

Financial losses and seizures

Authorities estimated total financial losses from fraudulent activities at approximately $2.65 million, stemming from sophisticated techniques like phishing and identity theft. Law enforcement seized falsified financial instruments, including $18,030 in counterfeit U.S. currency, and dismantled 31 criminal networks linked to document forgery and fraud.

Broader anti-crime initiatives

The crackdown on financial crimes forms part of Morocco’s broader strategy to combat criminal activities, which saw a record 95% crime resolution rate in 2024. Efforts to counter money laundering also intersect with other initiatives, such as combating drug trafficking and corruption.

Authorities handled 656 money laundering cases, representing a 24% increase compared to the previous year. Drug-related offenses dominated these cases, accounting for 45%, followed by financial fraud at 29%.

Future outlook

Morocco’s intensified focus on financial crimes reflects its commitment to safeguarding the economy and improving global compliance. With improved collaboration among regulatory bodies, financial institutions, and law enforcement, the country aims to stay ahead of emerging threats in the global financial landscape.

As financial crime becomes increasingly sophisticated, Morocco’s proactive measures signal its readiness to address modern challenges and uphold the integrity of its financial system.