Govt to monitor bank transactions to identify illegal expat businesses

Minister of Economic Development and Trade Mohamed Saeed on Tuesday announced plans to monitor bank account transactions as part of efforts to identify and curb business activities conducted unlawfully by expatriates.

Speaking at a press conference held at the President's Office, Saeed responded to questions regarding government measures targeting expatriates operating businesses in violation of regulations.

According to the minister, investigations frequently show that businesses reported as being run by expatriates are legally registered under Maldivian nationals.

“The Maldivian owner either leases the business or places an expatriate at the counter. Consequently, to the local community, it appears as a business operated entirely by a foreigner,” Saeed said.

He stated that authorities also investigate whether expatriates working at such businesses are residing in the Maldives legally.

Saeed said the operations involve cooperation between the Ministry of Homeland Security and Technology and Maldives Immigration.

“If an individual is found to be undocumented or in violation of visa regulations, Immigration takes immediate action,” he said.

The minister also said discussions within the Business Council had included proposals to monitor financial transactions through the Maldives Inland Revenue Authority (MIRA) and banking channels.

“Work is already underway in this regard. Within a short period, we will be able to determine whether funds are circulating through expatriate accounts and identify the extent of the networks involved in these types of business operations,” Saeed stated.

He noted that implementation would require coordination between banks, the Ministry of Homeland Security and Technology and the Maldives Monetary Authority (MMA).

A national task force led by the Economic Ministry was formed in November last year to address unlawful expatriate business activity.

According to statistics shared by the minister: