Ihusaan warns selling dollars at high rates is money laundering; enforcement to follow

Homeland Security and Technology Minister Ali Ihusaan has warned that selling dollars at high prices on the black market without permission is a criminal offence.

Speaking at a press conference at the President’s Office on the issue of dollar sales at inflated rates, Minister Ihusaan said many people in the Maldives consider unlicensed dollar trading normal, but it is a direct criminal offence under Maldivian law.

He noted that this includes individuals.

“For example, I get paid in dollars. I am selling these dollars to the black market again. It is money exchange without permission. So I urge all of you not to get involved in such criminal offences, even if you don’t already know,” he said.

The minister added that foreign currency must be exchanged at the rate fixed by the Maldives Monetary Authority (MMA).

He said the law provides for fines ranging between MVR 500,000 and MVR 1 million per transaction under MMA rules if authorised money exchangers exceed the prescribed rate.

He added that the lack of enforcement in the past will not continue as a permanent practice.

The minister said the government’s move comes after it was observed that politicians were attempting to manipulate the dollar market outside normal market rules.