Police Seek Public Information on Unlicensed Foreign Currency Trading

Maldives Police Service has urged the public to report on individuals and businesses involved in foreign currency trading without a money exchange business licence issued by the Maldives Monetary Authority (MMA).

Police said information on suspected unauthorised foreign currency exchange activities can be shared with the task force established to investigate such cases through its operations number (9388733). The number accepts information via SMS as well as Viber, WhatsApp and Telegram.

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The police assured the public that the identities and information of those providing tips would be kept confidential. Informants would also not be required to participate in investigative proceedings related to the cases, according to the police.

The appeal comes amid a broader government crackdown on alleged illegal foreign currency trading in the Maldives.

Police yesterday raided and searched the Malé office of Naid Investment Pvt Ltd over allegations that the company was conducting foreign exchange business without the required licence. The company operates Furaveri Maldives in Raa Atoll.

Police said the raid was conducted in connection with alleged widespread illegal foreign exchange activities. Bank accounts allegedly used by the company for foreign currency transactions have also been frozen.

The raid followed Monday’s announcement that a special task force comprising relevant state agencies had launched an operation to identify and investigate individuals involved in unauthorised foreign currency trading in violation of the law and regulations.

Six foreign nationals were arrested during an operation conducted by the task force on Monday. The suspects comprise four Bangladeshi nationals and two Indian nationals.

According to police, a total of MVR 54.4 million and USD 1.6 million had been circulated through the bank accounts of the six suspects over the past three years.

The government has introduced several measures aimed at curbing the black market for US dollars. Among the most significant is an amendment to the Foreign Exchange Act requiring resorts to exchange 40 per cent of their foreign currency earnings through local banks each month.