Maghreb Edition

Morocco’s Billions Stashed in Private Swiss AccountsF

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Posted On 10 March 2015

Number of times this article was read : 654

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.

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