Home Minister Ali Ihusaan has issued a fresh warning to the public and business community regarding the ongoing dollar shortage and the rising exchange rates in the Maldives.
Ihusaan previously said strict legal action would be taken against anyone buying or selling even a single dollar without government authorisation. He reiterated these warnings during a press conference held at the President's Office yesterday.
"Among the issues we are currently observing is the direct sale of dollars to businessmen by individuals—meaning transactions occurring without the involvement of a bank or an authorised money changer. Neither party holds a license for money exchange. Therefore, under current Maldivian law, this constitutes a criminal offence," Ihusaan said.
The Minister also stood by his previous assertion that utilising funds obtained through unauthorised dollar trading constitutes money laundering.
"As I have stated before, committing a criminal offence and using those funds for personal use or business purposes is money laundering," the Minister added.
During the press briefing, Ihusaan emphasised that authorities will continue to take action against those engaging in unlicensed foreign currency exchange.
"We will take action against any party, whether local or foreign, found to be committing illegal acts or operating unauthorised businesses in the Maldives," he said.
Furthermore, Ihusaan warned that Maldivian sponsors would be held accountable if the expatriates under their sponsorship are found to be committing crimes.
"Under existing laws and regulations, the Maldivian sponsor is considered negligent regarding the actions of the expatriate. For every expatriate involved in such negligence, the Maldivian sponsor can be fined," Ihusaan stated.
