Maldives

New Documents

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.

The Asia/Pacific Group on Money Laundering’s Co-Chair, Andrew Colvin, and others met with officials from the Republic of Maldives to discuss the status of a pending anti-money laundering and counterterrorist financing bill.

News

Enforcement Actions

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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 : 130/180
Score : 29/100

Tax Justice Network i

Rank : 74/133
Score : 80/100