Two unlicensed money exchanging facilities shut down

Maldives Police Service has shut down two foreign currency exchanging facilities in Male’ City that were in operation without a license.

In a message to the media on Wednesday, Police said two facilities providing foreign currency exchange services were shut down during two operations conducted by Male’ City Police and Police Intelligence together with the Economic Ministry.

They detailed that the first operation was conducted on September 3^rd which saw an unlicensed money exchange facility operating under the name ‘Transfer Maldives’ shut down following which notice has been pasted at the facility.

The second operation, as per the Police, was conducted on Wednesday and saw a souvenir shop providing foreign currency exchange services without a permit from Maldives Monetary Authority (MMA) inspected.

In this regard, the business permit of ‘Kaashi Boat Souvenir’, the shop in question, was temporarily halted for providing foreign currency exchange services without permit MMA.

Police noted that the operation also saw other foreign currency exchanging facilities inspected following which they were advised on the necessary changes that needed to be made.

Five days earlier, Police arrested five migrants for illegally providing foreign currency exchange services. Immigration said a large sum of money was discovered from them alongside credit cards.