Morocco`s Data Protection Act (Law 09-08) stipulates that people responsible for processing can only transmit data if a foreign country guarantees an adequate level of privacy and the fundamental rights and freedoms of individuals with regard to the processing of their personal data. The Moroccan National Data Protection Commission (CNDP) defines the exceptions provided by Moroccan law. Local regulations require the release of source code for certain telecommunications equipment products. However, the U.S. mission is not aware of a Moroccan government that foreign IT companies must provide surveillance or stealth access to their source code or systems. Foreign foreign investments financed in foreign exchange can be transferred tax-free and with no limit on amount or maturity. These incomes may be dividends, participation fees, rental income, benefits and interest. Capital inflows in convertible currency, contributions by debit from term accounts and net transfer capital gains may also be repaid. For the transfer of dividends, bonuses or benefit shares, the investor must provide balance sheets and accounts of profits and losses, documents attached to the year in which the transfer is requested, and the establishment of extra accounting adjustments in order to obtain taxable income. Morocco officially recognizes foreign arbitration decisions issued against the government. National arbitration awards are also enforceable subject to an enforcement order from the President of the Commercial Court which verifies that no element of the award infringes on public order or the rights of the parties` defence. Since Morocco is a member of the New York Convention, international distinctions may also become enforceable in accordance with the provisions of the convention. Morocco is also a member of the eighth Washington Convention on the International Centre for Investment Litigation (ICSID) and agrees to apply and maintain ICSID arbitration awards.
The U.S. mission is not aware of any out-of-court actions against foreign investors. On March 3, 2018, Morocco and 43 other African countries signed an agreement on the creation of the Continental Free Trade Area (CFTA), which aims to create a market of more than 1.2 billion people with a total gross proceeds of more than $3 trillion. CFTA is a flagship project of Agenda 2063, the African Union`s long-term vision for an integrated, prosperous and peaceful Africa. Its entry into force requires the ratification of at least 22 Member States, including Morocco. CIPO has a long history of supporting projects in Morocco and has funded or funded 22 agreements over the past forty years.