Maldives Makes Strides in Combating Terrorist Financing

The Maldives has taken significant steps in recent years to strengthen its financial system and combat the financing of terrorism.

Membership with Asia-Pacific Group on Money Laundering (APG)

In July 2008, the Maldives joined the APG, a move that marked a key milestone in its efforts to develop anti-money laundering and combating the financing of terrorism systems. Since then, the country has been working closely with the group to enhance its financial intelligence and prevent illegal activities.

Establishment of Financial Intelligence Unit (FIU)

A critical component of this effort is the establishment of a section within the Maldives Monetary Authority responsible for FIU functions. The unit receives, analyzes, and disseminates suspicious transaction reports, enabling authorities to identify and track potential financial crimes.

Evaluation by International Monetary Fund (IMF)

The Maldives was evaluated by the IMF as part of the APG’s 2nd Round of Mutual Evaluations in late 2010. The resulting report, adopted at the 2011 APG Annual Meeting held in Kochi, India in July 2011 and published by the IMF and APG in January 2012, provides an assessment of the country’s anti-money laundering and combating the financing of terrorism systems.

Key Findings

• The Maldives has made significant progress in developing its financial intelligence and preventing illegal activities.
• The country’s anti-money laundering and combating the financing of terrorism systems are robust and effective.
• Further enhancements to the country’s financial system are necessary to ensure continued effectiveness.

Accessing the Full Report

The full report is available on the APG website. For more information, please visit APG website.