Police Shut Down Two Unlicensed Currency Exchange Businesses

Police have closed two businesses for operating currency exchange services without the required licences, following a coordinated operation with the Ministry of Economic Development and Trade.

In a statement, the police confirmed that the first business, ‘Transfer Maldives’, was shut down on 3 September for exchanging US dollars without a valid permit.

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A second business, the ‘Kaashi Boat Souvenir’ shop, was inspected for conducting illegal foreign currency transactions without the necessary approval from the Maldives Monetary Authority. As a result, their business licence has been temporarily suspended.

The police added that additional businesses were inspected as part of the operation, with recommendations made for improvements where necessary.