In a significant legal development, two prominent Moroccan banks, along with three of their directors, have successfully negotiated a settlement with the Federal Public Prosecutor’s Office in Belgium, amounting to an impressive €175,215,571. This settlement comes in the wake of allegations that these banks engaged in unauthorized banking, credit, and insurance operations within Belgian territory. Importantly, the resolution of this case means that the involved parties will not face any criminal convictions.
The investigation, which commenced in 2018, scrutinized the activities of the Moroccan Banque Centrale Populaire (BCP) and its subsidiary, the French Banque Chaabi du Maroc (BCDM). Authorities alleged that these institutions had been conducting banking and credit services without the requisite permits from Belgian regulatory bodies. Specific accusations included the solicitation of deposits, provision of payment services, and issuance of consumer and mortgage loans—all carried out unlawfully in Belgium.
As part of the investigative proceedings, thorough searches were executed at various branches of the banks across Brussels, Sint-Jans-Molenbeek, and Borgerhout in October 2020. Although the Federal Public Prosecutor’s Office had initiated legal action against the banks and their directors, the settlement ultimately prevents any form of conviction. The prosecutor's office emphasized that this out-of-court agreement delivers a swift and definite resolution to the case without implying any admission of wrongdoing on the part of the defendants.
In light of this case, the federal prosecutor remarked on the heightened focus on combating financial, economic, and tax-related offenses. The establishment of a dedicated financial section within the Federal Public Prosecutor’s Office aims to bolster efforts in addressing these critical issues, as evidenced by the outcomes of this investigation.
As reported by belganewsagency.eu.
