Maldives Tightens Grip on Anti-Money Laundering Policies

The Maldives has made significant strides in developing its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime, aiming to strengthen its financial system.

Membership in the Asia-Pacific Group on Money Laundering

In July 2008, the Maldives became a member of the Asia-Pacific Group on Money Laundering (APG), marking a crucial milestone in its fight against financial crimes. This membership has enabled the country to collaborate with other APG members and international organizations to combat money laundering and terrorist financing.

Anti-Money Laundering Laws and Institutional Framework

To combat the financing of terrorism, the Maldives has enacted laws that criminalize the financing of terrorist activities. Additionally, a dedicated section within the Maldives Monetary Authority is responsible for FIU (Financial Intelligence Unit) functions, including: * Receiving suspicious transaction reports * Analyzing these reports to identify potential money laundering and terrorist financing activities * Disseminating information to relevant authorities to prevent and track illicit financial activities

International Evaluation and Assessment

In late 2010, the International Monetary Fund (IMF) evaluated the Maldives as part of the APG’s second round of mutual evaluations. The report, adopted at the 2011 APG Annual Meeting in Kochi, India in July 2011, was published by the IMF and APG in January 2012. The detailed assessment is available on the APG website, providing insight into the Maldives’ AML efforts and highlighting areas for improvement.

By strengthening its AML and CFT regime, the Maldives aims to reduce the risk of financial crimes and maintain a robust financial system.