This article was automatically translated from HIBAPRESS, the Arabic version:
This article was automatically translated from Hibapress, the Arabic version:
Heba Press- Abdul Latif Baraka
In light of the development observed by the real estate sector of the city of Agadir, before and after the preparation of the city, certain illegal practices which threaten market transparency and open the doors to money laundering operations. Among these methods used, the collusion process among certain refreshing and suspects that try to use the city’s real estate as a means of money laundering.
These operations largely depend on a number of cunning stuff and methods that make revelation difficult, making Agadir one of the ideal places to practice these activities.
Complicity between real estate customers and suspect customers
The most important methods of money laundering are complicity between certain real estate and customers who have suspicious relations, which is done by several mechanisms, in particular the completion of several real estate reservations thanks to similar identities belonging to family members or friends.
The information indicates that these operations depend on the nature of the real estate products which are processed, such as the purchase of plots without the prices compatible with the direct support ceiling for housing, which makes them vulnerable to operate it in illegal financial operations.
As for the role of brokers and refreshing in the facilitation of these operations by displaying conspiracies or real estate at sometimes high prices, which helps to camouflage the real source of these funds and to facilitate the movement of money from various accounts, and the trick lies in the similarity of personalized identities of suspicious customers, which facilitates the process of bypassing the financial system.
Choose sites carefully to facilitate resale:
The aforementioned operations seek to choose strategic locations for rigid real estate stocks, and here it is possible to speak of a certain number of strategic points in the city which sometimes reaches the price of one meter between 40 and 50,000 dirhams per square meter, which is detained for a period before reinstating.
Those who whiten money generally chooses strategic sites deliberately according to a network of brokers working on their orbit, in careful search for places whose prices remain stable or increase in the medium or sometimes near the summer, which facilitates the sale of it later at a higher price and guarantees the smooth movement.
This method is a mixture of money laundering thanks to real estate investments, which helps not to keep funds, which makes it difficult to monitor the movement of money and carry out early detection mechanisms for suspicious operations. In addition, the lack of government support adequate these properties makes it difficult to monitor determined prices, which increases the chances of exploiting the real estate system for money laundering.
Legal and economic effects:
These practices constitute a major threat to the financial and economic system in Morocco, as they help improve illegal practices on the real estate market and lead to the lack of transparency and justice in real estate operations. Despite government efforts to combat these phenomena, money laundering remains one of the main challenges of the real estate sector.
Whisk money in real estate in Agadir, like other Moroccan cities, threatens the integrity of the real estate sector and obstructs the achievement of sustainable development on the market. The competent authorities must intensify control and develop effective strategies to reveal these operations and take the necessary measures compared to the persons involved.
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