Financial Crime World

Morocco Committed to Beneficial Ownership Transparency: Launches Public Register

Morocco has taken a significant step towards boosting transparency and combating financial crimes by launching a public register of beneficial owners, as committed under Article 13.3 of Law No.12-18.

Background

In June 2021, Morocco adopted Law No.12-18, which required the creation of a national public register for beneficial owners of legal persons and legal arrangements established in the Kingdom of Morocco.

Benefits

  • Increases transparency and accountability in the country’s business sector
  • Enables citizens to access crucial data on company ownership structures
  • Combats financial crimes by making it more difficult for criminals to hide behind complex ownership structures

The Registre public des Bénéficiaires Effectifs (RBE)

The RBE allows for the registration of beneficial ownership information, including:

  • Name
  • Address
  • Nationality
  • Date of birth

This information will be publicly available, providing citizens with access to crucial data on company ownership structures.

Morocco’s Commitment to Beneficial Ownership Transparency

Morocco joins a growing list of countries that have committed to beneficial ownership transparency reforms. The country’s commitment to implementing this system is a testament to its dedication to promoting good governance and combating financial crimes.

The Open Ownership Map

According to the Open Ownership map, Morocco has implemented the RBE, making it one of the few countries with a live register. This move is expected to have far-reaching implications for the country’s business sector, as well as for international investors and partners.

Data Accuracy

Data on the Open Ownership map is drawn from publicly available sources and may not be comprehensive for all countries. If incorrect or incomplete data is found, citizens are encouraged to submit new information using a dedicated form.

Conclusion

Morocco’s commitment to beneficial ownership transparency is a significant step towards promoting accountability and good governance in the country’s business sector. As the country continues to move forward with this initiative, it is expected that the RBE will play a crucial role in enhancing transparency and combating financial crimes.