Hamid Ismail arrested for money laundering

Hamid Ismail, a close associate of former Vice President Ahmed Adeeb, has been arrested on suspicion of money laundering.

Police said Hamid was released today following the expiry of his remand period given by the Criminal Court earlier, but arrested again under a court warrant as he arrived in Malé from Dhoonidhoo.

The penalty for money laundering prescribed in the Prevention of Money Laundering and Financing Terrorism Act is a fine of between MVR 100,000 and MVR 1,000,000 and imprisonment for a period between five and 15 years, or a fine not exceeding five times the relevant money laundering transaction amount and imprisonment for a period between five and 15 years.

The penalty for attempting, assisting, facilitating, and encouraging money laundering is a fine of between MVR 50,000 and MVR 500,000 and imprisonment for a period between two and ten years, or a fine not exceeding five times the relevant money laundering transaction amount and imprisonment for a period between two and ten years.