Financial Crime World

Corruption Plagues Maldives’ Finance Sector

A Culture of Corruption

In the small island nation of Maldives, corruption has become an entrenched part of everyday life. Whether it’s securing a job, accessing healthcare or even getting a loan, the presence of corruption cannot be ignored. The practice of nepotism is rife in the country, with senior staff members and government officials using their influence to secure coveted positions.

Statistics Reveal a Grim Picture

This is not just a matter of perception; statistics suggest that Maldives has a long way to go in terms of tackling corruption. According to Transparency International’s Corruption Perception Index (CPI), which assesses corruption levels across 10 key areas, Maldives ranks 85 out of 185 countries. The country has scored a meager 40/100 on the CPI scale since 2021.

The index highlights several worrying trends in Maldives, including:

  • Bribery
  • Diversion of public funds
  • Officials using their positions for personal gain without facing consequences
  • Excessive red tape that creates opportunities for corruption
  • Nepotistic appointments in the civil service
  • Lack of transparency in government activities

Proposed Solutions

To combat corruption effectively, Transparency International recommends that the Maldivian Government take several measures:

  • Passing the Asset Declaration Bill to prevent undue wealth and misuse of public resources
  • Enhancing transparency in government activities and increasing capacity for investigating and prosecuting cases within a reasonable timeframe
  • Implementing Protection of Whistleblowers
  • Holding human rights defenders accountable

Restoring Public Trust

The persistence of corruption in Maldives’ finance sector is a pressing concern that requires immediate attention. With the CPI index highlighting several areas of improvement, it is crucial that the Government takes concrete steps to address these issues and restore public trust.