Exchange control regulations: The new targets of control
When it comes to oversight, the Foreign Exchange Office has no plans to let its guard down. It is continuing at the same pace as in 2024.
In 2024, nearly MAD 53.4 billion (USD 5.73 billion) in foreign exchange transactions were examined through 2,469 files processed as part of documentary checks
According to data obtained from the regulatory authority, the volume of foreign exchange transactions examined in 2024, which will be published shortly, reached MAD 53.4 billion (USD 5.73 billion), spread across 2,469 cases scrutinized as part of documentary checks. These figures reflect the scope of the Office’s activities and the growing complexity of financial transactions in a constantly changing international environment. According to the figures for 2024, nearly 120 cases were investigated, compared with 115 in 2023, resulting in either the payment of a settlement fine or legal proceedings to compensate for the damage suffered by the Kingdom’s external finances and to encourage compliance by the operators concerned. When asked about the evolution of the volume of fines in relation to the volume of controls, the Office’s management explains that this is not a performance indicator. «The institution’s action is based more on a logic of relevance and effectiveness, prioritizing the quality of interventions over their quantity».
For 2025, the Office is continuing its momentum. However, the nature of the operations analyzed and the sectors targeted are no longer the same. They will have evolved significantly in accordance with the provisions of the 2025-2029 strategic plan, which introduced new supervisory methods coupled with a more analytical and proactive approach to risk. The goal is to improve efficiency. Specifically, this year the Office will focus its efforts on emerging sectors and operations with high economic stakes, following a logic of continuous adaptation to the transformations in international trade.
The observed violations cover a wide range, from the irregular holding of assets abroad by national residents to transfer or payment transactions that do not comply with exchange control regulations, including the failure to repatriate export earnings and shortcomings related to the documentation of foreign trade transactions or fund transfers. These shortcomings are sometimes due to deliberate actions aimed at circumventing exchange control regulations, and sometimes to a lack of awareness of the applicable documentary and procedural requirements.
Hassan EL ARIF
