Banking data for MREs: Morocco negotiates with the OECD

Morocco is in talks with the EU with a view to harmonious application of the OECD/G20 treaty on the automatic exchange of banking data for tax purposes.

The application of this treaty would have penalized Moroccans living abroad (MRE) who represent nearly 40% of term deposits in the kingdom. Fortunately, the Moroccan Parliament rejected the ratification of this agreement which aims to fight against tax evasion. Rabat is currently negotiating with the EU to find an “arrangement” that suits all parties.