Minister of Homeland Security and Technology, Ali Ihsan, has announced that an investigation is being conducted into 12 expatriates following intelligence reports of large-scale illegal currency exchange in the black market. Of these individuals, 9 have already been taken into custody. The Minister emphasized that legal action, including a fine of MVR 50,000, will be taken against expatriates who conduct such criminal activities behind the facade of local businesses and corner shops, as well as Maldivians who facilitate or neglect their responsibilities regarding these expatriates. Furthermore, authorities are investigating the fraudulent use of Telegraphic Transfers (TT) for illicit fund outflows. The Minister noted that the government’s objective is to curb transactions occurring outside the formal banking system and ensure that foreign currency is accessible to the public at the official designated rates.
