The Maldives Police Service has shut down two unlicensed foreign currency exchange facilities operating in Malé City. In a statement released on Wednesday, police confirmed that the operations were ca...
The Maldives Police Service has shut down two unlicensed foreign currency exchange facilities operating in Malé City.
In a statement released on Wednesday, police confirmed that the operations were carried out in collaboration with the Ministry of Economic Development.
The first closure took place on September 3rd, targeting an unlicensed facility operating under the name 'Transfer Maldives.'
Authorities have posted notices at the site following the operation.
The second action, conducted on Wednesday, involved a souvenir shop called ‘Kaashi Boat Souvenir,’ which was found to be offering currency exchange services without a permit from the Maldives Monetary Authority (MMA).
As a result, the shop’s business permit has been temporarily suspended.
Police also inspected several other facilities involved in currency exchange and issued guidance on necessary adjustments to comply with the regulations.
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