Home Minister Ali Ihusaan has accused money exchange businesses and the general public of money laundering, asserting that exchanging foreign currency without a permit or at rates other than the officially mandated exchange rate constitutes a serious legal offence.
Speaking at a press conference held at the President's Office, Ihusaan said that generating income through unauthorised dollar exchanges and utilising those funds for any purpose falls under the definition of money laundering.
"Under Maldivian law, engaging in an activity that requires a permit without obtaining one is a criminal offence. This means unauthorised money exchange is a crime. Using funds obtained through such criminal acts for personal use, business purposes, or to generate further profit currently constitutes money laundering under the laws of the Maldives," Ihusaan said.
Ihusaan further noted that those operating unauthorised money exchanges receive their dollar supply from resorts and individuals who earn their income in foreign currency.
"We looked into who provides foreign currency to these individuals for exchange purposes. Our findings show that this includes parties earning dollar incomes in the Maldives. Unfortunately, we have identified well-known Maldivian resorts among them," he added.
During today’s press conference, the Minister strongly condemned those who receive dollar incomes but participate in these practices.
"Exchanging dollars without a permit is a criminal offence under Maldivian law. This includes individuals as well. For instance, if I receive my salary in dollars and I sell those dollars on the black market, that is unauthorised money changing by definition," he said.
