Licence axed as MMA cracks down on dollar black market

The Maldives Monetary Authority (MMA) has revoked the money changing business licence of Express Money Exchange Pvt Ltd for conducting illegal foreign exchange transactions.

MMA said the licence was cancelled after the company was found to be operating in violation of the Regulation on Money Changing Business.

The Authority reiterated the importance of complying with all prescribed rules and regulations when conducting foreign exchange transactions.

MMA also stated that it will take action, in collaboration with enforcement agencies, against individuals and entities engaged in illegal foreign exchange activities.

The Public Accounts Committee of the People’s Majlis recently amended the Foreign Exchange Bill to make it an offense to publicly report or advertise black-market dollar selling prices, with fines of up to MVR 500,000 for those who commit such acts.

The committee also approved amendments imposing fines of up to MVR 1 million on those who buy and sell foreign currency on the black market at inflated prices.

Former Finance Minister Ahmed Mohamed commented on the matter, posting on X that the penalties proposed by the government already exist in the MMA Act, and that the real issue is the lack of enforcement.