Prosecutor General (PG) Abbas Shareef has warned that criminal charges for money laundering will be pursued against individuals who provide their bank cards and accounts to criminals.
In an interview with the local news outlet "Mihaaru," Abbas said that authorities have observed an increase in people renting out their accounts to criminals, prompting the decision to seek prosecutions.
"In scam cases, we frequently observe the use of third-party accounts. Funds are circulated through accounts belonging to individuals other than the perpetrator. Therefore, we intend to investigate these matters seriously and pursue charges," Abbas said.
Another official from the PG Office clarified that if a person who rents a card or account uses it to commit a crime, the legal owner of that card or account can be held liable.
"For instance, if an account or card is provided to another person—whether for rent or otherwise—and it is used to facilitate an illegal act or money laundering, the owner can be charged with aiding, abetting, or participating in money laundering," the official explained.
The Maldives Police Service also issued a statement on the matter yesterday. Following the arrest of six expatriates involved in illegal foreign currency trading, police stated that a task force established to track the dollar black market discovered that Maldivian-owned accounts and businesses were being used to facilitate these illicit operations.
"It has been observed that bank accounts opened in the names of private individuals and businesses registered to locals are being handed over to expatriates to circulate and transact funds obtained through illegal activities," the statement read.
Police further warned that they would identify and take legal action against Maldivians who provide their accounts and businesses for the circulation of illicitly obtained funds.
"Providing a bank account registered in one's name to facilitate illegal acts by another party is an offense for which legal action can be taken as an accomplice," the police stated. "We will continue to identify and take legal action against those engaging in such practices."
The government’s crackdown on foreign currency traders comes after the Maldivian Rufiyaa depreciated significantly, with the black market rate for a US Dollar reaching MVR 23.
