Maldives Maldives

New Documents

Transparency International Urges Maldives to Make Progress in Corruption Probe

Transparency International called on the government of Maldives to strengthen investigation and prosecution of individuals responsible for the Maldives Marketing & Public Relations Corporation corruption scandal.

December 16, 2021

Transparency International Reports on South Asia’s Efforts to Combat Corruption

Transparency International published Fighting Corruption in South Asia: Building Accountability, which is a report that analyzes how 70 national institutions in Bangladesh, India, the Maldives, Nepal, Pakistan and Sri Lanka have implemented measures to combat corruption.

May 20, 2014

APG Officials Visit Maldives

February 13, 2014

APG: Maldives Creates Draft AML/CFT Implementation Plan

January 16, 2012

Maldives Issues Financial Transaction Reporting Regulation 2011

December 6, 2011

News

Midweek Roundup: BNP Paribas Hit with Epstein Subpoena, Swiss Accuse Bank of AML Breaches, and More

ING Shutters Ghanaian Accounts, EY ignored internal warnings about Wirecard, and more, in the midweek roundup.

October 7, 2020

Midweek Roundup: Former FinCEN Director Joins Wirecard, FCA Gets New Chief, and More

Hong Kong fines Chinese securities broker for compliance lapses, New Zealand claims Hong Kong exchange breached AML rules, and more, in the midweek roundup.

June 24, 2020

Midweek Roundup: EU Advances AML Reform, Deutsche Bank Must Hand Over Trump Records, and More

December 5, 2019

Weekly Roundup: Leaked Records Implicate National Bank of Australia Executives, Chinese Billionaire Charged with Money Laundering, and More

August 2, 2019

Midweek Roundup: New Jersey Bank Handled Venezuelan Funds, Deutsche Bank Flagged Jeffrey Epstein, and More

July 24, 2019

Enforcement Actions

0 Items Found

Key Documents

Maldives Issues Financial Transaction Reporting Regulation 2011

December 6, 2011

Maldives Adopts Prevention of Terrorism Act

December 1, 1990

Maldives Issues Its Banking Act

March 27, 2011

Maldives Establishes Islamic Banking Regulation

March 29, 2011

Maldives Issues Drug Law, Defines Crime Proceeds

December 19, 1977

Important Facts

  • The U.S. State Department classifies Maldives as a monitored jurisdiction. Authorities have expressed concern that the islands of Maldives are being used as a transit point for money laundering and illegal immigration to Europe. The country has a small financial market that is susceptible to money laundering and terrorist financing due to limited oversight capacity. No official figures are available, but anecdotal evidence suggests drug trafficking and corruption produce significant amounts of illegal funds. Other offenses include human trafficking, piracy and offenses committed by gangs. Even though the number of corruption cases is low, only a small percentage is prosecuted and reports show the sums involved can be significant. There are indications funds raised in the country have been used to finance terrorist activities abroad. Additionally, informal value transfer systems are being used to transfer funds, but the extent to which these systems are used to launder money is still unclear.
  • KYC Covered Entities:  Banks; money transfer services; stock exchange and securities dealers; insurance industry; investment funds, advisors, and companies
  • STR Covered Entities:  Banks; money transfer services; the stock exchange and securities dealers; insurance industry; investment funds, advisors, and companies
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 1 (2015); Convictions: 0 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 1 High :
Largely Compliant : 0 Substantial :
Partially Compliant : 10 Moderate :
Non-Compliant : 37 Low :
Not-Applicable : 1

BASEL i

Rank : 28/162
Score : 7.13/10

TRANSPARENCY INTERNATIONAL i

Rank : 75/179
Score : 43/100

Tax Justice Network i

Rank : 74/133
Score : 80/100