President Abdulla Yameen Abdul Gayoom has voiced concern over breach of confidentiality by bank officials.
He voiced his concern during the conference on "Doing Business in Maldives 2016 - A Judicial Perspective", held at Hotel Jen this Monday morning.
He said that the State had to bear negative repercussions resulting from officials from banks leaving information regarding transactions by its customers.
“Bank staff revealing such information is now a norm. In all banks. And the State of Maldives has to bear the repercussions of such actions in major cases that take place,” said President Yameen.
Yameen said that the banks in Maldives do not need to be the same standard as Swiss banks. But that merchant banks leaking information regarding private transactions was unacceptable.
“I’m not saying the bank accounts in Maldives need to be the same standard as Swiss bank accounts. But our private transactions from merchant banks are being leaked at some point. This is simple. How is this information being leaked?” he questioned.
President Yameen said that such issues were leading to people using cash instead of opting for bank transactions.
“But such information becomes something which becomes common knowledge. And who will keep their money in the banks? So many people prefer taking their money out of the banking system and keeping their cash in hand,” he said.
President Yameen said that investors needed to be able to bring in huge sums through the banking system in order for business and finance to improve in the country.
Yameen said that US had taken the initiative to monitor for cross border money laundering activities. And said that such money transactions were harmful to the Maldivian economy.
“Dirty money comes in across borders to all countries. But going to the extent we go to regarding this means difficulties for small countries,” said Yameen.