Moroccan customs have announced that gemstone transactions are now subject to new regulations. A new device to strengthen the fight against money laundering.
Concretely, traders in precious stones and precious metals are required, when carrying out any transaction exceeding 150,000 DH, to identify the clients or their agents and to record the information on the beneficiary concerned, indicates a press release from the ‘Administration of customs and indirect taxes (ADII).
According to the note, this measure aims to put an end to questionable transactions in order to align the national system for the fight against money laundering and the financing of terrorism with the provisions of Law 12.18 on the fight against money laundering in Morocco.
This law provides that “the Customs Administration is responsible for monitoring precious stones, precious metals, works of art and antiques, as subject persons, that is to say required to apply internal vigilance and control measures against money laundering and terrorist financing risks, and to report suspicions to the National Financial Information Authority ”.