Speaking at the parliament's Committee on Independent Institutions, ACC Chairperson Adam Shamil stated that the commission had made multiple attempts to obtain information from banks, but they have encountered no progress in this regard.
The Anti-Corruption Commission (ACC) stated today that obtaining information from banks in the Maldives for investigations into corruption and fraud cases is very difficult and raised concerns about the Maldives Monetary Authority (MMA)'s lack of adequate monitoring of the banking system.
Speaking at the parliament's Committee on Independent Institutions, ACC President Adam Shamil stated that the commission had made multiple attempts to obtain information from banks, but they have encountered no progress in this regard.
Shamil noted that the main reason for this issue is the insufficient monitoring of the banking system in Maldives by the MMA.
"We have to see whether MMA is fulfilling its responsibility. MMA has not updated their regulations within their legal framework to the most modern standards. We have to assess what actions have been taken since the MMPRC case," Shamil said.
"We need to see if MMA is effectively monitoring the entire banking system. Otherwise, it becomes a significant issue if investigative agencies cannot access the necessary information," Shamil added.
Shamil said that he highlighted during several meetings that obtaining information from banks was challenging. He said that resolving this issue would expedite ACC investigations.
Shamil emphasized the importance of investigating how the accused in corruption cases, such as Fenaka Corporation and Maldives Marketing and Public Relations Corporation (MMPRC), acquired financial benefits and unjust fortunes.
"That can be done by examining their net worth, analyzing their bank transactions, and their financial gains," Shamil said.
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