Police Urge Public to Report Unlicensed Foreign Currency Exchange Activities

The Maldives Police Service has appealed to the public to report individuals and businesses suspected of conducting foreign currency exchange without a valid Money Changing Business Licence issued by the Maldives Monetary Authority (MMA).

Police said a special task force established to investigate illegal foreign exchange activities is now accepting information from the public. Information can be provided to the task force at 9388733 via SMS, Viber, WhatsApp or Telegram.

The police assured that the identities of informants and the information they provide will be kept strictly confidential. Informants will also not be required to take part in formal investigative procedures or legal proceedings, according to the police.

The appeal comes amid intensified enforcement against unauthorised foreign currency exchange operations.

In a recent joint operation by the police and Maldives Immigration, six expatriates were arrested on suspicion of operating illegal foreign exchange businesses. Police said investigations found that the individuals had circulated MVR 54.4 million and USD 1.63 million through their bank accounts over a three-year period while operating outside the scope of their work permits.

Police also conducted a search on Tuesday at the office of Naid Investment Private Limited in M. Dhanbugoalhi over allegations that the company was operating an unlicensed money exchange business.

According to police, the company is suspected of engaging in foreign currency exchange without the mandatory licence from the MMA.

The police have urged the public to cooperate with efforts to identify and prevent illegal financial activities and to share any relevant information with the task force.