Morocco has made significant progress in the field of financial transparency, ranking 63rd out of 133 countries in the 2025 Financial Secrecy Index published by the Tax Justice Network. This ranking places Morocco at the global average, with a minimal contribution of just 0.01% to the global market for opaque financial services.
This notable improvement is attributed to a series of fundamental reforms implemented by Moroccan authorities in recent years. Among the most prominent of these reforms is Morocco’s engagement in the automatic exchange of tax information, aligning with the international standards set by the Organisation for Economic Co-operation and Development (OECD). This step reflects Morocco’s commitment to enhancing tax transparency on the international stage.
In addition, a clear legal framework has been established to identify the actual beneficiaries of companies. This measure aims to enhance financial tracking and reduce money laundering activities, although the report notes that public access to this data remains limited. The banking sector has also seen tightened regulations, particularly regarding transactions with foreign clients, significantly contributing to improved financial governance and reducing illicit financial flows.
Despite the progress made, the report highlights some ongoing challenges that Morocco needs to address. These challenges include the absence of a transparent national register accessible to the public that identifies the true owners of companies, which is a fundamental cornerstone for promoting full transparency. Additionally, the tax framework for certain complex legal structures, such as trusts, remains weak, potentially allowing for loopholes. The report also points to limited oversight of intermediary professions such as accountants, notaries, and lawyers, who may sometimes be involved in complex financial operations requiring greater scrutiny.
Regionally, Morocco outperformed several countries in North Africa, with Algeria ranking 71st and Tunisia at 87th, underscoring its leadership in this area. Morocco is nearing the ranking of South Africa, which is positioned at 60th, highlighting the kingdom’s commitment to international standards. In contrast, some Arab countries have recorded high levels of financial secrecy, such as the United Arab Emirates, which ranked 9th globally.
The report asserts that financial transparency is no longer merely an option but a prerequisite for attracting investments, enhancing international cooperation, and combating financial crimes. It calls on Morocco to continue its efforts to broaden the availability of economic information, strengthen oversight of financial professions, and ensure greater openness in corporate structures to solidify its status as a transparent and reliable financial center.
