A company operating in the foreign currency exchange business has been fined MVR 500,000 and had its license suspended following violations of relevant regulations.

According to the central bank, MMA, the company fined and had its license suspended for violating regulations governing the money changing business is named MS Finance Currency Exchange Private Limited.

It is understood that this is one of the companies that exchanges the largest volume of foreign currency in the Maldives. "Mihaaru" understands that between October last year and June this year, this company conducted transactions exceeding 18 million dollars.

Supervisory action was taken against the company today, according to the MMA.

Amid the foreign currency shortage experienced in the Maldives, the central bank and enforcement agencies are jointly carrying out efforts to stop illegal selling of dollars at inflated rates.

In the work initiated to locate individuals illegally trading foreign currency, several premises have been searched, numerous people taken into police custody, and large sums of money withheld. Amendments have been brought to the Foreign Exchange Act enabling strict action to prevent such transactions.

Numerous foreigners have been apprehended so far in cases involving illicit foreign currency trading and attempts to smuggle foreign currency out of the country.

The MMA appealed to all parties to act in compliance with laws and regulations when conducting foreign currency buying and selling transactions. The MMA also issued a warning that action will continue to be taken against rule violators in the future in cooperation with enforcement agencies.