Financial Crime World

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Maldives’ Efforts to Combat Money Laundering Praised by FATF

The Maldives, a small island nation in the Indian Ocean, has made significant progress in implementing anti-money laundering (AML) and combating terrorist financing (CFT) measures, according to a recent report by the Financial Action Task Force (FATF).

Commitment to Tackling Money Laundering and Terrorist Financing

The report, published on the APG website, highlights the Maldives’ commitment to tackling money laundering and terrorist financing threats. The country has demonstrated its ability to identify and mitigate risks in its financial sector, including its banking system.

Improvements to AML/CFT Framework

The FATF praised the Maldives for its efforts to improve its AML/CFT framework, including:

  • Establishing a dedicated financial intelligence unit
  • Implementing measures to prevent the misuse of shell companies

Progress in Real Estate Sector

The report also noted that the Maldives has made significant improvements in addressing the risk of money laundering and terrorist financing in its real estate sector, including:

  • Introduction of new regulations and guidelines

FATF Assessment

The FATF’s assessment was based on a comprehensive evaluation of the Maldives’ AML/CFT regime, which included an examination of the country’s laws, regulations, and supervisory practices. The report identified several areas where the Maldives can continue to improve, including:

  • Need for greater cooperation between law enforcement agencies and financial institutions

APG Support

The Maldives is a member of the Asia/Pacific Group on Money Laundering (APG), which has been working closely with the country to support its AML/CFT efforts. The APG’s mutual evaluation report was published in conjunction with the FATF’s assessment.

About FATF

The Financial Action Task Force (FATF) is an inter-governmental organization that sets standards and promotes effective implementation of AML/CFT measures worldwide. Its membership includes over 190 jurisdictions, including the Maldives.