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Prosecutor General Abbas Shareef speaking in previously held press conference - Photo: Sun Media File

MALÉ: Prosecutor General Abbas Shareef has announced that the state will begin prosecuting individuals who rent out or allow others to use their personal bank accounts and debit cards for illicit financial operations.

Speaking to some local media outlets, Abbas explained that the decision follows a sharp rise in cases where personal bank details were exploited for illegal activities, including financial scams and black-market foreign currency exchanges operating above official rates.

He emphasized that the Prosecutor General’s Office will review cases submitted by the Maldives Police Service on a case-by-case basis and press formal charges whenever evidence shows account owners knowingly permitted their accounts to be used for unlawful acts.

Clarifying the legal stance, officials from the Prosecutor General’s Office noted that allowing third parties to use personal bank accounts acts as a direct conduit for money laundering. Authorities stressed that individuals acting as “money mules” facilitate money laundering schemes, and account holders cannot escape legal liability simply by claiming they were unaware of the illicit origin of the funds or that their accounts were rented out.

In cases where bank accounts or cards are used to commit illegal acts, account holders face formal charges of aiding, abetting, and participating in money laundering offenses. The state will hold account owners legally and financially responsible, requiring them to compensate victims where applicable.

Additional details regarding financial crime trends and warnings from law enforcement agencies include:

• Social Media Recruitment: Widespread advertisements on platforms like TikTok and Telegram target individuals by promising easy cash in exchange for renting out their personal bank accounts.

• Anti-Scam Center Directives: Authorities highlight that bank accounts, PINs, and One-Time Passwords (OTPs) are strictly personal credentials that must never be shared.

• Banking Sector Penalties: Account holders participating in unauthorized card usage risk total loss of banking services alongside criminal prosecution.

• Precedent Incidents: Cases include previous investigations where individual accounts were used to transport over 100 bank cards abroad to unlawfully extract foreign currency limits.