MMA Rules Out Criminalizing Money Changing, Tightens Oversight with New Portal

The Maldives Monetary Authority (MMA) has no intention of criminalizing the foreign currency exchange business, according to Deputy Governor Aishath Asna Hamdy, who said the authority's aim is to regulate the sector under strong rules. Speaking at the People's Majlis Budget Review Committee, Asna said extensive work is underway to strengthen supervision of parties conducting dollar exchange business. She noted that although there were previously more than 200 money changers, the number has now been reduced to 51 as a result of an important step taken to strengthen oversight. Asna said a special portal has been established to solve the problem of MMA not receiving information on foreign currency buying and selling transactions in the most appropriate manner. The portal, inaugurated on 5 November, will make it easier to audit transactions conducted by money changers and to examine matters that need to be looked into. In addition, from 1 December, all money changers will be required to submit data through the MMA portal. The authority said this is among the steps being taken to identify transactions occurring in the Maldives' foreign currency market and to further strengthen the financial system. MMA said the changes will give it the ability to check instantly how foreign currency transactions are being conducted. The authority also noted this is an important step to stop transactions conducted in violation of regulations and to obtain accurate information needed for making economic decisions.