Ihusaan: Seven illegal money exchangers probed; USD 76m laundered in nine months

Homeland Minister Ali Ihusaan on Monday said seven illegal money exchangers have been investigated and USD 76 million has been laundered in the black market over the past nine months.

Speaking at a press conference at the Presidential Palace on the issue of selling dollars at high prices in the black market, Minister Ihusaan said records from the Maldives Monetary Authority (MMA) show 63 registered money exchangers. However, many individuals have been identified as conducting foreign exchange transactions without any licence or permit, including those who earn dollars through their own work, he said.

The minister said seven companies have withdrawn USD 77 million from the black market in the past nine months.

He said it is a criminal offence to operate without permission, and using the proceeds of such offences for business or personal purposes constitutes money laundering.

https://t.co/XvXnw6zDCf

— The President's Office (@presidencymv) August 24, 2026

He added that these illegal exchangers are not importing foreign currency into the Maldives or earning dollars by providing services. Instead, they receive dollars from large businesses that earn foreign currency domestically.

These include well-known resorts and companies that earn dollars from tourism-related services such as construction, he said.

“One of the resort chains has deposited USD 4 million in the black market in the last nine months. The amount required by MMA is less. But when the MMA has to deposit, there are no dollars,” he said.

Minister Ihusaan said that although some people view unlicensed dollar trading as normal, it is a serious criminal offence.

He said the government is already taking action against more such places in response to concerns raised by the MMA.