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Abstract

This article examines key manifestations of the retreat from a punitive (criminally repressive) approach in the field of Moroccan public limited companies (sociétés anonymes) under Law No. 17-95, as amended by Law No. 20-05. It builds on the critical debate surrounding the inflation of corporate offences and the harshness of sanctions contained in the penal section of the Companies Act, and the potentially counterproductive effects of excessive criminalization on entrepreneurial initiative, investment incentives, and economic development. The study adopts the premise that a rational corporate criminal policy should avoid both over-criminalization and under-enforcement and should instead pursue a balanced approach grounded in the principles of necessity and proportionality. The paper highlights two major dimensions of this legislative shift. First, it identifies the reduction of sanctions through the abolition or mitigation of custodial penalties, their replacement with fines, and the lowering or cancellation of certain pecuniary sanctions—especially for procedural or formal breaches. Second, it analyses increased flexibility in the determination and enforcement of penalties, notably through the reconfiguration of recidivism rules (including the introduction of similarity and a time-limit), the widened availability of suspended custodial sentences, and broader mechanisms of individualized sentencing (judicial discretion, alternative sanctions, and the optional nature of certain additional penalties). The article further discusses legal and practical factors that undermine the effective application of corporate criminal provisions, such as vague statutory terminology, the evidentiary difficulty of proving criminal intent, weak detection and oversight mechanisms, and the technical complexity of corporate offences. The study concludes that Moroccan corporate criminal law reflects a clear trend toward decriminalization and moderation; however, the effectiveness of this shift depends on strengthening enforcement capacities, improving investigative tools, and consolidating a coherent criminal policy that protects economic interests while preserving a supportive investment climate.

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