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Maldives Takes Steps to Combat Financial Crime, But More Work Needed

January 4, 2012

The Maldives has made significant progress in establishing an antimoney laundering and counterterrorist financing (AML/CFT) framework, but there is still more work to be done to strengthen certain aspects of the system.

Assessment of AML/CFT Measures

A recent report analyzed the AML/CFT measures in place in the Maldives at the time of an onsite visit in October 2010 and shortly thereafter. The report describes and assesses these measures, offering recommendations on how to improve the country’s compliance with the Recommendations of the Financial Action Task Force (FATF).

Progress and Challenges

The Maldives has made progress in establishing a legal framework for AML/CFT, but there are still gaps in its enforcement and supervision of financial institutions. Additionally, the report notes that the country’s reporting mechanisms for suspicious transactions and its monitoring of cash transactions need improvement.

Commitment to Combating Financial Crime

Despite these challenges, the Maldives has shown commitment to combating financial crime, including money laundering and terrorism financing. The government has taken steps to enhance its AML/CFT regime, including:

• Establishing a Financial Intelligence Unit (FIU)
• Implementing a risk-based approach to supervision

Conclusion and Recommendations

The report concludes that while the Maldives has made progress in developing its AML/CFT framework, it still needs to strengthen certain aspects of its system to meet international standards. To achieve this, the country will need to:

• Address the gaps identified in the report
• Continue working towards improving its compliance with FATF recommendations

By addressing these challenges and continuing to improve its AML/CFT regime, the Maldives can effectively combat financial crime and meet international standards.