Page 4 - Weekly 6349

IV

Weekly highlights

Money laundering

Real estate being scrutinized

R EAL estate agents, as is the on the internet and those installed on
board ships, gambling establishments,
case for accounting profes-
sionals, notaries, lawyers,
ders. However, this last profession
and casinos, are called upon to play real estate agents, and other stakehol-
a whistleblower role within the fra- remains dominated by the informal
mework of the system for combating sector (“semsars, informal realtors”)
money laundering and financing of and is far from conforming to interna-
terrorism. This is in any case what tional standards. These are intermedia-
is provided for by law number 12- ries, who most of the time have nei-
18 amending and supplementing the ther a head office nor a tax identifier,
Penal Code and law number 43-05. and who are sometimes impossible to
However, the regulation of the pro- identify.
fession of real estate agent was not “ The colleagues do not understand
really taken seriously when the as- why the draft law that we had submit-
sociation representing this activity ted through our association with the
filed a draft law with the Ministry of Ministry of Housing did not arouse the
Housing. At the time, the department interest of the public authorities. We
was managed by Nabil Benabdellah. Real estate transactions, involving millions of dirhams, are likely to be one of the channels for money intend to contact the Head of Govern-
The draft piece of legislation was then laundering ment to raise awareness about this ini-
transferred to the General Secretariat agent has become an emergency under nistry of Finance involves the sending tiative regarding the urgency of finally
of the Government (SGG) where the the fight against money laundering of a compliance questionnaire to cer- establishing a regulatory framework
draft legislation has remained blocked and the fight against the financing of tified public accountants and charte- to elevate the profession to internatio-
for about 8 years. Since then there was terrorism. The relevant law was put red accountants who must send their nal standards”, said Mohamed Lah-
radio silence. Real estate intermedia- in place by Morocco under pressure answers by the end of September (Cf. lou, President of the Regional Union
tion professionals no longer know from the Financial Action Task Force L’Economiste #6333 of Thursday 25 of Real Estate Agents of the Casablan-
which door to knock on to restart the (FATF) as part of an international August 2022). The provision should ca-Settat region and past-founding
legislative process. The context has mechanism to which the Kingdom be extended to securities account hol- president of the Moroccan Association
changed a lot now. Indeed, the regu- adheres through an action plan. The ders, lawyers, notaries, and traditional of Realties (AMAI). o
lation of the profession of real estate latest measure undertaken by the Mi- notaries (adouls), casinos, including Hassan EL ARIF

Climate/World Bank

What the new report on Morocco contains

T HE visit by Ferid Belhaj, Vice considerations. These documents are
President for the Middle East &
intended to help countries prioritize
North Africa (MENA) region of
greenhouse gas emissions and stimu-
the World Bank, at the beginning of the most effective actions to reduce
this week, was an opportunity to pro- late adaptation, while achieving broa-
vide to the members of the govern- der development goals. It must be said
ment a draft of its report on climate that all donors have started to integrate
and development. This document is a climate issues into development and
draft and therefore not final. The Mo- financing policy, which made a per-
roccan Government has several weeks son familiar with the matter say that
to formulate comments and propo- this issue has become a global trend
sals for possible improvements. The in project financing. The goal is to be
document will then be submitted to pioneers in the greening of the interna-
the appreciation of public and private tional financial system. In this series,
stakeholders, before its distribution Morocco is chosen as a pilot country,
during COP27 which will take place out of around thirty countries world-
on November 06 in Sharm el-Sheikh, wide.
Egypt. This Bretton Woods institu- This report is based on rigorous
tion would like to make the document data and research and identifies key Water scarcity could affect nearly every aspect of future socioeconomic development, says the World Bank.
public beforehand to stimulate debate pathways to reduce greenhouse gas In a longer-term perspective, reduced water availability and lower agricultural yields could reduce GDP by
on these issues at the level of govern- emissions and climate vulnerabilities, up to 6.5% (Ph. AFP)
ment, the private sector, citizens, and including the costs and challenges as sition. In short, the report has identi- lience to floods. The third axis aims to
other development partners. This work well as the benefits and opportuni- fied three priority areas which are decarbonize the economy, by consi-
is part of the new series of major dia- ties of doing so. The report proposes major challenges for Morocco. These dering a trajectory aimed at carbon
gnostic baseline reports that integrate concrete and priority actions to sup- are the fight against water scarcity and neutrality by the 2050s. o
climate change and development port the low-carbon and resilient tran- the work for the improvement of resi- M.C.
Friday 16 September 2022