Maghreb Edition

Morocco’s Billions Stashed in Private Swiss AccountsF

Posted On 10 March 2015

Number of times this article was read : 470

It is not such a shocking news to learn that Africa’s political and business leaders have long been breaching the trust of their nations by moving money into confidential and untraceable offshore accounts. 
 Corruption, a non-existent justice system, widespread fraud and deeply corrupt political systems make the ransacking of African assets an easy exercise for those in power. But these leaders would not have had easy time moving money without the direct support of equally corrupt global banks, with Switzerland among the nations that promote global theft with its banking secrecy laws. What is actually shocking is that Morocco is listed as the second biggest source of African money stashed at HSBC in Switzerland. What is also shocking is that Morocco is effectively the most indebted nation in Africa and the Arab world, making any reasoning as to why the country’s leaders hide their money in private Swiss banks impossible to justify.

Premium content article location: follow this link.  Not a subscriber? Follow this link to subscribe

Subscribe to Urgent Notifications and Newsletter

Most Recent Stories from the Region

Global Energy Markets Jolt as Iran War Disrupts Gulf Oil FlowsF

Oil prices surged toward $119 per barrel as the conflict involving Iran disrupted tanker traffic through the Persian Gulf, forcing several Gulf producers to reduce output and pushing governments to consider emergency energy measures. Saudi Arabia joined Iraq, Kuwait, Qatar, and the UAE in cutting production as shipments stalled and storage capacity tightened. With hundreds of tankers idling near the Strait of Hormuz and major shipping insurers suspending coverage, the crisis is rapidly evolving from a regional military conflict into a global energy shock.

Energy Markets Are Reacting to Iran, But Not Panicking Yet✓

Energy markets often react before the rest of the economy when geopolitical crises erupt. Oil has surged toward $90 per barrel as traders price the risk of disruption around the Strait of Hormuz, while European natural gas remains relatively calm but structurally exposed through LNG shipping routes. Together, the charts suggest markets are pricing risk, not yet a supply shock, as the conflict involving Iran enters its early phase.

Morocco Detains Civic Activist Amid Online Speech Concerns$

Moroccan authorities have detained Mohammed Khalif,a Casablanca-based member of the youth movement GenZ212, following a home search and seizure of his computer. Charges have not yet been publicly disclosed. His arrest comes days after another GenZ212 member was prosecuted over alleged online incitement, raising questions about the legal climate surrounding youth activism and digital expression in Morocco.

Written by The NAJ

The North Africa Journal is a leading English-language publication focused on North Africa. The Journal covers primarily the Maghreb region and expands its general coverage to the Sahel, Egypt, and beyond, when events in those regions affect the broader North Africa geography. The Journal does not have any affiliation with any institution and has been independent since its founding in 1996. Our position is to always bring our best analysis of events affecting the region, and remain as neutral as humanly possible. Our coverage is not limited to one single topic, but ranges from economic and political affairs, to security, defense, social and environmental issues. We rely on our full staff analysts and editors to bring you best-in-class analysis. We also work with sister company MEA Risk LLC, to leverage the presence on the ground of a solid network of contributors and experts. Information on MEA Risk can be found at www.MEA-Risk.com.