The central bank, MMA, has urged all parties today to comply with the Foreign Exchange Act.

The authority stated to the media that although the Foreign Exchange Act and the Money Changing Business Regulation clearly state that foreign exchange businesses in the Maldives must be conducted with a license issued by the authority, it has been noted that some parties are carrying out foreign exchange transactions without a license.

"And since this is an offense under the laws of the Maldives, an appeal has been made for no party to conduct such transactions with parties engaging in foreign exchange businesses without a MMA license," MMA said in a statement shared with the media.

Therefore, the central bank requested that if any party conducts a foreign exchange transaction with anyone other than a bank, they should ensure that the party is licensed to conduct foreign exchange businesses and proceed in accordance with laws and regulations.

MMA recently revoked the license of a money changer that conducted foreign exchange transactions in violation of laws and regulations.

Police stated today that through the hotline established by the police to share information on parties illegally conducting foreign exchange transactions in the Maldives, information regarding 27 individuals, 16 online portals, and four locations has been received so far. A police statement said that one person has been arrested out of them, and other cases are being investigated.

While 65 messages were received through the hotline, police also stated that this included information on 27 expatriates conducting foreign exchange businesses, 18 locations buying and selling foreign exchange without permits, and four locations buying and selling foreign exchange at inflated prices. Information on 16 online platforms conducting such transactions was also received by the police through the hotline.

Police recently launched a major operation against parties illegally exchanging foreign exchange.