Muizzu Says SOEs Bought USD on Black Market; Home Minister Calls It Money Laundering
24 އޯގަސްޓު 2026 | ހޯމަ 10:59Minister of Homeland Security, Labour and Technology Ali Ihusan has warned that unauthorized foreign currency exchange constitutes a money laundering offense, asserting that legal action will be taken against those involved in such activities. The Minister stated that certain political figures are manipulating the dollar market for illicit gain and emphasized that businesses operating in violation of Maldives Monetary Authority (MMA) regulations will face substantial fines. Consequently, Minister Ihusaan urged the public to remain vigilant and avoid inadvertently engaging in these criminal activities.
From the press conference held at the President's Office on Monday. | President's Office
Following President Dr. Mohamed Muizzu’s recent disclosure that state-owned enterprises have been purchasing US dollars from the black market, Minister of Homeland Security, Labour and Technology Ali Ihusaan has characterized such transactions as money laundering.
Speaking at a press conference held at the President's Office on Monday, Minister Ihusan stated that while many perceive unauthorized currency exchange as a common practice, it remains a criminal offense under Maldivian law.
Minister Ihusan highlighted the involvement of individuals in currency exchange, noting that those who receive their salaries in US dollars often sell them on the black market. He stated that such activities constitute unauthorized money changing.
For instance, if I receive my salary in dollars and then sell those dollars on the black market, that constitutes unauthorized money changing. Therefore, I urge everyone to remain vigilant and avoid inadvertently engaging in such criminal activities.Ali Ihusaan
Minister Ihusan emphasized that foreign currency exchange must only be conducted through licensed establishments at the official rates set by the Maldives Monetary Authority (MMA). He further warned that even authorized money changers found transacting above the prescribed rates would face penalties under MMA regulations, with fines ranging between MVR 500,000 and MVR 1 million per transaction.
Minister Ihusan stated that the necessary laws and regulations are already in place, and that enforcement actions will be taken moving forward. The Minister further emphasized that the failure to enforce these laws in the past should not be mistaken for a permanent culture of impunity.
Highlighting the reasons for implementing stricter regulations and enforcement measures, Minister Ihusan stated that authorities have observed political figures intervening in the foreign exchange market to manipulate dollar rates for personal gain.
Minister Ihusan’s remarks follow statements made by President Dr. Mohamed Muizzu during the "Raiyyithunnaaeku" podcast hosted by the President's Office on March 27, 2026. In the podcast, the President characterized the black market as an exchange where official transactions recognized by the government are being conducted.
President Muizzu stated that state-owned enterprises had previously been purchasing dollars from the black market.
