In an ongoing crackdown against illicit financial operations, police have launched a targeted operation addressing unauthorized banking services and illegal foreign currency exchanges across the country.
The targeted action was executed by a specialized task force working under the Economic Crime Investigation Department’s Complex Financial Investigation unit. Law enforcement officers executed search warrants on a commercial outlet, a foreign national’s residence, four foreign nationals, and one Maldivian citizen in connection with the operation.
The initiative aligns with broader government measures to enforce the Maldives Monetary Authority (MMA) Act and the Foreign Currency Act in coordination with regulatory bodies. Authorities have previously shuttered several establishments and detained multiple foreign nationals involved in unlawful currency operations.
Acknowledging past gaps in the oversight and enforcement of foreign currency regulations, government officials affirmed their commitment to implementing stricter controls and penalizing unauthorized trading activities. The police investigation remains ongoing.
