Maldives Monetary Authority (MMA) revealed that they have done an onsite administration of two banks and two money transfer companies in 2017 to ensure that The Prevention of Money Laundering and Terrorism Financing Act is followed.
The central bank of Maldives revealed that it started supervising financial institutions through onsite administrations last year in order to curb money laundering and terrorism financing. In their annual report, MMA stated that it has conducted further investigations into any suspicious transactions, and forwarded those information to the relevant authorities.
The Prevention of Money Laundering and Terrorism Act came into effect in 2014. While MMA follows this act, the Maldivian government was heavily accused of wide-scale corruption in the documentary, “Stealing Paradise”, by Al Jazeera in 2016.