The council of the government, presided by the Head of Government Abdelilah Benkirane convened on Thursday, October 9, 2014 in Rabat to adopt the draft law on assets and cash held abroad by Moroccans living abroad (MRE) transferring residence in Morocco.
This bill, introduced by the Minister of Economy and Finance, essentially aims to overcome the constraints faced by Moroccans living abroad who wish to permanently return to Morocco.
In this sense, the text sets up an attractive and flexible regime for the MRE transferring their residence in Morocco, saying their equity and cash held abroad, particularly through the extension of the reporting deadline from 3 to 6 months, the definition of a precise way of assets and cash subject to declaration and release of MRE who have already transferred their residence in Morocco and have not completed the requirements to disclose assets and cash from prosecution in terms of foreign exchange regulations.
The council likewise approved the principle of developing a national strategy for legal approximation between the Kingdom and the European Union.
