MMA: Money laundering, terrorism financing risks minimal in Maldives

The central bank, Maldives Monetary Authority (MMA) has said that the risks of money laundering and terrorism financing are minimal in the Maldives.

Assistant Governor, Financial Stability, of MMA, Neeza Imad told Sun Online in an interview today, that MMA closely monitors the local financial sector for such activities.

“Regarding money laundering, I would say that it is very ‘clean’. There are incidents, but rarely. When they are identified, they are reported to us by the banks,” said Neeza.

She said that efforts are also ongoing to monitor if such activities take place through money transfers.

To prevent such transactions, MMA conducts relevant training programs for financial sector staff.

Manager of Financial Intelligence Unit of MMA, Abdulla Ashraf told Sun Online that all money laundering and terrorism financing activities identified by MMA are reported to the police.

A new law on money laundering will come to effect on 16 September, following which action will be taken against anyone involved in such activities.

The penalty for persons convicted of such activities is a fine of between MVR 100,000 and MVR 1,000,000, and a prison sentence of five to 15 years.