The Maldives Monetary Authority (MMA) has revoked the money-changing license issued to MS Finance Currency Exchange for violating regulations governing the money-changing business.
In a press statement, the central bank revealed that as part of its supervisory measures, MS Finance has also been fined MVR 500,000 alongside the license suspension.
The MMA urged all parties to comply with national laws and regulations when conducting foreign exchange transactions. It further warned that it would continue to take stringent action against violators in collaboration with enforcement agencies.
This marks the second money exchange to have its license suspended or revoked since the government established a special task force to crack down on the dollar black market. Previously, on August 20, the MMA revoked the license of Express Money Exchange.
MS Finance, the entity whose license was suspended, has been identified as one of the businesses allegedly used for money laundering in the embezzlement cases involving former Football Association of Maldives (FAM) President Bassam Adeel Jaleel and his associates.
According to an audit report related to the case, MVR 14 million was misappropriated from the MVR 52 million generated by leasing portions of land in Hulhumale’ allocated for an FAM training ground. Of this amount, MVR 8.9 million was deposited into the accounts of MS Finance.
Data from the Economic Ministry’s business portal identifies the shareholders of MS Finance as Ibrahim Ahmed (Maniku Seytu) and an individual named Nushrath Yoosuf.
