Suspicious Financial Transfers Expose Money Laundering Networks Using Elderly Accounts

Regulatory investigations into unusual banking activity

Well-informed sources revealed that inspectors from the National Financial Intelligence Authority have launched in-depth investigations into suspicious bank transfers identified among four bank accounts belonging to elderly individuals, including Moroccan nationals who had lived abroad for decades. Preliminary findings suggest that these accounts were operated through legal powers of attorney granted to third parties.

The accounts reportedly served as conduits for significant financial flows, some of which were used to finance real estate acquisitions, including a transaction valued at approximately 13 million dirhams.

Alerts issued by banking institutions

The investigations were triggered by suspicious transaction reports filed by managers at commercial branches of two banking groups. These reports highlighted frequent cash withdrawals and deposits amounting to nearly 7.3 million dirhams over a period of just twenty days.

The lack of any declared professional or commercial activity by the account holders further heightened concerns, prompting banks to notify their internal compliance units and cooperate with financial watchdogs.

Real estate transactions deepen laundering suspicions

Tracking the destination of the funds enabled investigators to identify their use in purchasing land and property, some of which were resold within weeks. Additional funds were then injected into the same accounts and presented as profits from real estate trading, reinforcing suspicions of organized money laundering schemes designed to conceal the true origin of the money.

According to official data published by the authority and reported by outlets such as Hespress, the banking sector remains the leading source of suspicious transaction reports in Morocco.