Task force receives 65 tips on unlicensed foreign currency trade

Police said on Wednesday that a task force investigating unlicensed foreign currency trading has received 65 reports from the public.

The task force had earlier asked the public to share information on individuals and businesses trading foreign currency without a licence issued by the Maldives Monetary Authority (MMA).

According to police, the information received so far includes details of 27 foreign nationals, 18 locations allegedly involved in unlicensed foreign currency trading, four locations suspected of selling foreign currency above permitted rates, and 16 online platforms allegedly facilitating such transactions.

Police said one foreign national identified through the reports has so far been referred to Maldives Immigration.

Authorities are verifying information on the other individuals and locations and are working with relevant agencies to take legal action where necessary, police said.

The task force has designated 9388733 as a hotline for reporting suspected foreign currency offences. Information can be submitted through SMS as well as messaging applications including Viber, WhatsApp and Telegram.

Police said the identities and information of people submitting reports would be kept confidential.

The latest enforcement measures come amid wider action against illegal foreign currency trading.

Authorities have frozen accounts linked to Naid Investment Private Limited, which operates Furaveri Maldives and Page Hardware, and searched the company’s office over allegations that it was involved in foreign currency trading without a licence.

The government has also introduced and begun enforcing legal changes aimed at addressing the country’s foreign currency shortage. The MMA has previously cancelled the licence of a money exchange company for breaching regulations governing the sector.

On September 1, police said six foreign nationals had been arrested on suspicion of involvement in black-market dollar trading. Police said accounts linked to the suspects had recorded transactions amounting to about USD 1.6 million and MVR 54 million over a three-year period.

Under the law, foreign currency trading can only be conducted with a licence issued by the MMA. Trading foreign currency outside rates set by the MMA is also an offence.

Amendments that came into force on September 1 allow fines of up to MVR 1 million for violations related to foreign currency trading.