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The Justice Committee has approved the commercial code amendment bill
The Justice and Legislation Committee, along with the Human Rights and Freedoms Committee in the House of Representatives, approved on Wednesday the bill No. 71.24 to amend and supplement Law No. 15.95 concerning the commercial code, which was referred from the House of Councillors for a second reading.
The bill received the approval of nine parliamentary deputies, while five others opposed it, with no abstentions during the vote.
The aim of the bill is to introduce new provisions that align with the flexibility required in financial transactions, especially among traders, in order to enhance legal security and improve the efficiency and effectiveness of the financial system.
In an introductory speech for the bill, Justice Minister Abdellatif Ouahbi clarified that this text aims to institutionalize preventive justice by providing necessary data to inform participants and reinforcing the role of Bank Al-Maghrib in monitoring payment impediments and centralizing data regarding returned checks and bills of exchange.
The minister emphasized that the main directions of this legislative reform include reducing reliance on cash in financial transactions to enhance transparency and minimize risks related to money laundering and tax evasion, as well as expanding the usage base of commercial papers, contributing to financial inclusion and strengthening economic integration.
He added that the text of the law seeks to establish criminal reconciliation in this area during all stages of criminal disputes, including the execution phase, highlighting that “payment or withdrawal of a complaint results in the cessation or cancellation of the public lawsuit, depending on the case, and if payment or withdrawal occurs after a non-appealable court decision, it puts an end to the effects of said decision.”
Additionally, the provisions of the legislative text, as per the minister, focus on decriminalizing this offense if the act occurs between spouses or first-degree relatives, establishing a principle of proportionality between the severity of the criminal act and the penalty ranging from six months to three years, rather than one to five years, distinguishing between cases of neglecting to provide collateral or failing to maintain it and other situations such as check forgery.
He pointed out that special rules for bills of exchange drawn on banking institutions have been established to bolster trust among participants by enhancing the protection of the beneficiaries, giving a positive role to the banking institution from the issuance of the checkbook as specified, along with the need to review the drawer’s status against payment impediments before issuing the checkbook, and enabling the retrieval of these books in the event of multiple payment impediments.
