Europe wants to block transfers of MREs

The European Union wants to put an end to the transfer of funds from Moroccans residing in Europe to their country of origin via Moroccan banks present on the continent.

“Several banking authorities in Union countries have decided to suspend the intermediation activity carried out by banking subsidiaries located in Europe for the diaspora and for the benefit of their Moroccan parent company. The conditions for providing this activity will tighten further if the draft European directive concerning branches in third countries is voted on as it stands,” explains the magazine. Finances News Weekly.