The Belgian Public Prosecutor's Office has reached an out-of-court settlement with two Moroccan banks regarding violations of lending legislation, with the total amount involved being a staggering €175 million. This development marks a significant resolution to a case that had drawn the attention of law enforcement in Belgium, particularly in Brussels.
The banks in question, Banque Centrale Populaire and its subsidiary Banque Chaabi de Maroc, had been under investigation for some time. Allegations were made against them, as well as three senior employees, for breaching Belgian laws pertaining to banking, credit, and insurance activities. These institutions, which operate branches in the Brussels municipality of Molenbeek and in Borgerhout, Antwerp, were subjected to raids back in October 2020 due to suspected illegal banking activities.
However, the criminal proceedings have now been concluded, as both banks have managed to negotiate a settlement with the Belgian judiciary. As part of the agreement, the financial institutions will jointly pay a total of €175,215,571. Importantly, this means that there will be no formal conviction against them.
The Belgian Public Prosecutor's Office has reiterated its commitment to tackling financial, economic, and tax-related fraud more vigorously, emphasizing that such settlements offer the advantage of an immediate and definitive legal response.
As reported by vrt.be.
