Two Moroccan banks have reached a settlement with the Swiss Federal Prosecutor's Office, agreeing to pay a total of 175 million Swiss francs (approximately $175 million) to resolve allegations of tax irregularities. The agreement, announced on June 8, 2026, involves Attijariwafa Bank and Bank of Africa, according to a statement from the Swiss authorities.
The settlement covers potential tax evasion and money laundering issues related to undeclared assets held by Moroccan clients in Swiss bank accounts. The banks cooperated with the investigation and agreed to the payment without admitting guilt, as part of a broader amicable resolution.
This case is part of a larger crackdown by Swiss authorities on cross-border tax evasion, targeting financial institutions that may have facilitated the concealment of assets. The Moroccan banks have since implemented enhanced compliance measures to prevent future violations.
The settlement does not affect the banks' operations in Morocco or their international activities, and both institutions remain in good standing with Moroccan regulators.
