Ahmad 
Morocco’s state exchange office announced on Wednesday the launch of new stimulus measures, aimed at recovering money smuggled out of the country through irregular means.
These measures include amnesty for owners of smuggled funds, with exemption from financial fines, provided that the funds are returned within a time limit extending until the end of 2024.
The office said in a statement that the automatic settlement process began at the beginning of January and will continue until December 31, 2024.
This operation targets people who have financial residency, registered office or company in Morocco, and have acquired property and funds abroad in ways that contravene Morocco’s exchange laws before the beginning of January.
The office explained that the individuals involved in the process can submit their declaration anonymously to the bank of their choice.
Moroccan law punishes money smuggling with fines of up to six times the amount smuggled, as well as a prison sentence of one month to five years if the case is referred to the judiciary.
The move comes as a new attempt to recover smuggled funds, as previous operations in 2014 and 2019 resulted in significant recoveries.