Minister of Homeland Security, Labour and Technology Ali Ihusaan has said resort chains, construction companies and some political figures are involved in the dollar black market, adding that authorities will investigate the cases and take action.
The Government has launched several efforts to stop the unauthorised sale of US dollars on the black market.
Speaking at a press conference held by the relevant ministries and the Maldives Monetary Authority (MMA), Minister Ihusaan said 63 registered establishments currently provide foreign currency exchange services in the Maldives. However, authorities have also identified a large number of parties conducting money exchange activities without permits or licences.
Minister Ihusaan said authorities have so far gathered information on seven such entities, which sold USD 76 million on the black market over the past nine months.
Explaining the legal implications of such transactions, Minister Ihusaan said Maldivian law considers carrying out an activity that requires a permit without obtaining one a criminal offence. He added that some construction companies earning revenue in dollars from resort development are also selling dollars on the black market. At the same time, some political figures are involved in determining black-market exchange rates.
“These parties are carrying out money exchange activities without undertaking efforts to bring foreign currency into the Maldives. They are among those engaged in money exchange,” Minister Ihusaan said.
Turning to those involved in the transactions, Minister Ihusaan said they include parties with extensive operations in the resort industry, people involved in construction and some individuals active in politics.
He said one resort chain sold USD 4 million on the black market over the past nine months. Some parties earning dollar revenue from resort construction are also selling dollars on the black market, while some political figures are involved in determining black-market exchange rates, he added.
Minister Ihusaan said these activities involve serious violations of the law and that authorities will investigate the cases and take stringent legal action.
He stressed that the Maldives Monetary Authority can take action under the law against every transaction involving the unauthorised sale of dollars on the black market. The law provides for fines ranging from approximately USD 324 to USD 64,851.