The Authority reiterated the importance of complying with all prescribed rules and regulations when conducting foreign exchange transactions.

The Maldives Monetary Authority (MMA) also stated that it will take action, in collaboration with enforcement agencies, against individuals and entities engaged in illegal foreign exchange activities.

The authorities have not disclosed details of the violation or the transaction(s) that led to the license revocation.

The license revocation comes as the government and Parliament move to introduce further measures aimed at regulating foreign currency transactions conducted outside the rates set by the MMA.

The Public Accounts Committee this week approved amendments to foreign exchange legislation that would introduce fines for selling or attempting to sell foreign currency outside the rates or trading bands set by the central bank.

In a brief post on X concerning the issue, former Finance Minister noted that the fines proposed by the government are already stipulated in the Maldives Monetary Authority Act, citing the issue at hand as a failure to effectively enforce the existing law.