Money laundering charges sought against Hamid Ismail

Police have submitted a case to the Prosecutor General’s (PG) Office against Hamid Ismail, arrested on suspicion of money laundering.

This has been confirmed to Sun Media by a PG Office official.

Police say Hamid Ismail was arrested over money laundering related to Maldives Marketing and Public Relations Corporation (MMPRC).

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.