Financial services authority transferred to finance ministry
MIFSA was established in April 2024, with former Vice President Abdulla Jihad serving as its chair.
Maldives International Financial Services Authority (MIFSA) has been transferred to the Ministry of Finance, according to a statement issued by the President’s Office Thursday.
"This follows recommendations from studies conducted by relevant parties on developing an international financial sector in the Maldives, which advised that regulatory activities for international financial centres should be carried out by a separate institution operating under the Ministry of Finance and Planning," a President's Office statement read.
MIFSA was established in April 2024, with former Vice President Abdulla Jihad serving as its chair.
President Mohamed Muizzu announced the formation of the agency in January last year, stating that it would be the first step toward establishing international financial centres in the Maldives.
The president also stated that a special law would be introduced to support the establishment of these financial centres.
