President Dr. Mohamed Muizzu has established the “Maldives International Financial Services Authority”.
This new institution established yesterday will be under the mandate of the Ministry of Economic Development and Trade. And it has been instituted in accordance with the authority conferred upon the President by Article 116 of the Constitution of the Republic of Maldives.
According to the directive, all correspondence addressed to the Maldives International Financial Services Authority shall use the number 498, per the numbering system for state agencies.
In the formal announcement issued by the President’s Office regarding the Maldives International Financial Services Authority, additional details pertaining to the objectives and operational functions are detailed.
The government entity by the name of “Maldives International Financial Services Authority” was established to develop a legal framework for the provision of onshore financing services in addition to offshore financing services mentioned in the Special Economic Zones Act (Law No. 24/2014).
Furthermore, the establishment of the Maldives International Financial Services Authority would enable the formation of offshore and onshore development banks and international financial centres and conduct research to seek modern solutions for the legal and administrative challenges of establishing a competitive system to develop financial markets.
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Ibrahim Yaafiu
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