The Public Accounts Committee of the People’s Majlis has passed stringent amendments to the Foreign Exchange Act aimed at curbing the illegal black market trade and advertisement of foreign currency at rates exceeding the official exchange rate set by the Maldives Monetary Authority (MMA). Under these amendments, individuals engaged in unauthorized foreign currency trading will face fines ranging from MVR 25,000 to MVR 1 million. Furthermore, those found advertising or promoting such illegal activities will be subject to fines between MVR 25,000 and MVR 500,000. Additionally, businesses or legal entities involved in these illicit transactions may be penalized with fines ranging from MVR 100,000 to MVR 5 million.
