President Dr Mohamed Muizzu has designated the Maldives International Financial Services Authority (MIFSA) as an institution operating under the Ministry of Finance and Planning.
The decision, announced in Directive No. 5/2025 issued on 13th March, follows recommendations from studies conducted by relevant parties on developing an international financial sector in the Maldives. These studies advised that regulatory activities for international financial centres should be handled by a separate institution under the Ministry of Finance and Planning.
MIFSA, which was previously operating under the Ministry of Economic Development and Trade, began functioning under the Ministry of Finance from 11th March.
The President’s Office stated that President Muizzu made this decision under the authority vested in him by Article 116(a) of the Constitution.
MIFSA was established with the aim of creating legal frameworks to facilitate both offshore and onshore financial services in line with the Special Economic Zones Act. Its mandate includes establishing offshore and onshore development banks, supporting international financial centres, and developing solutions to address legal and administrative challenges in the financial market.
