MMA stopped attempts to hold SoF transactions: BML

Bank of Maldives (BML) states that it had held the accounts of SoF, the company involved in the MMPRC embezzlement case, but released it on the recommendation of senior officials of Maldives Monetary Authority (MMA)’s Financial Intelligence Unit (FIU).

BML senior officials said this during questioning over the special audit report on MMPRC, at the parliament’s finance committee meeting on Tuesday.

The committee summoned BML Deputy CEO Mohamed Shareef and Interim Risk Officer Yameen Adam for questioning.

Interim Risk Officer Yameen said SoF began making suspicious transactions on 25 November 2014 and that the bank had held the account and submitted eight Suspicious Transaction Reports. However, he added that the interim head of FIU, MMA Deputy Governor Neeza Imad, had recommended BML to unhold the account and allow the transactions.

While MMPRC’s first transfer to SoF was USD 65,000, FIU’s head Athif Shakoor returned from his holiday on 1 December 2014 and also recommended that BML allow the transactions, Yameen said, adding that FIU had told BML that it had no authority to hold accounts.

Yameen added that BML has transcripts of its interactions with FIU.

Neeza had resigned as MMA Deputy Governor after former President Abdulla Yameen proposed her name for Governor and then withdrew it. She is currently the State Minister of Economic Affairs.

BML stated that reports of all suspicious transactions are submitted to FIU, including those involving MMPRC, and that the embezzlement could have been prevented if FIU had taken action.