The Edition


AG Office to reassume MMA audits

Mariyam Malsa
26 June 2019, MVT 11:08
Aerial view of Maldives Monetary Authority (MMA). PHOTO/MIHAARU
Mariyam Malsa
26 June 2019, MVT 11:08

Auditor General Hassan Ziyath, on Tuesday, stated that the Auditor General's Office would reassume the responsibility of auditing Maldives Monetary Authority (MMA) within the next two years and that the office was currently working to increase its capacity for the purpose.

Speaking at the Parliamentary Committee on State-Owned Enterprises, Ziyath stated that the AG Office had audited the central bank until AG Ibrahim Naeem made the decision to stop in 2007. Ziyath spoke in support of the decision, explaining that the AG Office did not possess the capacity to conduct a thorough audit on an organisation such as MMA at the time.

Ziyath revealed that the office was in collaboration with a foreign company to increase its auditing capacities.

The AG stated that tasking a foreign body with conducting audits of MMA would involve handing over a significant amount of sensitive information and trusting it to maintain confidentiality.

He also highlighted that MMA was a key body relevant to national security which held crucial information. Therefore, he stressed the need to ensure confidentiality of MMA's information.

Ziyath expressed the opinion that the Auditor General's Office was best suited to audit MMA. According to the AG, the central bank's financial dealings and transactions were not being accurately monitored due to the lack of audits.

Several claims allege that MMA was involved in the corruption scandal of Maldives Marketing and Public Relations Corporation (MMPRC) which involved the embezzlement of MVR 1.3 billion. In December 2018, MMA's Governer Ahmed Naseer stated that these accusations could only be proven or disproven after the investigation concludes.