News Desk
Just seven unlicensed money changers illegally traded $77 million (MVR 1.18 billion) on the black market over nine months, Homeland Security Minister Ali Ihusaan revealed today, urging the public and businesses to stop dealing with illegal foreign exchange brokers.
Speaking at a press conference at the President’s Office, Ihusaan warned that operating without a central bank licence or changing currency above official MMA rates is a serious criminal offence that carries money laundering charges.
“People might think this is just a minor thing, but using or profiting from illicit money counts as money laundering under Maldivian law,” Ihusaan said. “Whether people realise it or not, they are taking part in money laundering.”
Resorts Named as Key Supply Source
Investigating how illegal brokers access vast sums of hard currency, authorities found that the dollars are coming directly from major tourism businesses and high-earning individuals rather than overseas sources.
The minister pointedly called out luxury resort chains, revealing that a single prominent resort operator had funnelled $4 million directly into parallel channels over a nine-month period.
“It is unfortunate, but we have identified well-known resorts involved in this,” Ihusaan said. “When it comes to selling on the black market, the dollars are readily available. But when they are required to exchange them through the MMA, suddenly the money isn’t there.”
He noted that the amounts some resorts dump into illicit channels far exceed the current 20 per cent minimum surrender requirement set by the central bank.
Push for Official Rates and Legal Channels
While 63 entities currently hold valid foreign exchange licences in the country, a massive chunk of currency trading remains unmonitored.
Authorities stressed that illegal trades are not just restricted to resort chains. Construction firms, political figures, and individual workers earning dollar salaries are routinely swapping cash through informal networks at inflated rates.
Minister Ihusaan called on the public to insist on official MMA rates and turn away illegal brokers.
“If someone tries to sell you dollars above the official rate, tell them straight out that what they are doing breaks the law,” Ihusaan said. “We urge everyone—whether they knew it was illegal before or not—to stop committing these offences.”
