The Brussels Court of First Instance has approved a €175.2 million criminal settlement agreement involving Morocco's Banque Centrale Populaire, its subsidiary Banque Chaabi du Maroc and three of their executives, bringing an end to a long-running criminal investigation.
The companies and executives were prosecuted over alleged offences committed between 2003 and 2022, including the illegal provision of banking, credit, payment and insurance services, as well as the unlawful granting of consumer and mortgage loans.
Prosecutors also alleged illegal financial intermediation activities and the conversion of proceeds linked to those offences.
According to the Federal Public Prosecutor's Office, the settlement was reached in light of the nature of the offences and the defendants' commitments to improve compliance procedures.
The agreement was concluded under Article 216bis of the Belgian Code of Criminal Procedure, which allows criminal proceedings to be settled through a financial payment.
The total settlement amount reached €175,215,571.
Federal prosecutors stressed that a criminal settlement does not constitute an admission of guilt by the parties involved.
Under Belgian law, the agreement had to be reviewed by the Brussels Court of First Instance to ensure its legality and to verify that the amount was proportionate to the seriousness of the alleged offences and the circumstances of the defendants.
In a judgment delivered on Monday, the court approved the settlement, formally ending the criminal proceedings following payment of the agreed amount.
The Federal Public Prosecutor's Office said the case highlights its commitment to tackling financial, economic and tax crime. Prosecutors also pointed to plans to further strengthen a dedicated financial crime section within the federal prosecution service.
