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The Maldives Monetary Authority have urged the public to avoid conducting foreign exchange transactions with unlicensed entities, following 65 public tips that led to one arrest and multiple ongoing investigations.
News Desk
Maldives Monetary Authority (MMA) - Photo: Maldif Online
MALÉ: The Maldives Monetary Authority (MMA) has issued an urgent public notice advising individuals and businesses against carrying out foreign exchange transactions with entities operating without an official license.
In a media statement, the central bank stressed that under the Foreign Currency Act and Money Changing Business Regulations, foreign exchange operations can only be lawfully conducted by licensed institutions. The MMA reminded the public that engaging in currency exchange with unauthorized parties is a criminal offense under Maldivian law.
The central bank advised members of the public to verify that non-bank currency exchangers hold valid licenses before completing any foreign exchange transactions. The warning follows the recent revocation of a money changer’s license by the MMA after regulatory violations were discovered.
Meanwhile, the Maldives Police Service confirmed significant progress in its ongoing crackdown against illegal foreign exchange operations. Police revealed that a newly established operational hotline has received 65 messages containing actionable information on illegal foreign currency activities.
Authorities confirmed one arrest made so far in connection with the reports, with further active investigations currently underway.
