President Dr Mohamed Muizzu inaugurated the “Maldives International Financial Services Authority” on Sunday, a new government entity aimed at enhancing the country’s financial services sector.
This establishment is in line with the powers granted to the President under Article 116 of the Constitution of the Republic of Maldives and falls under the jurisdiction of the Ministry of Economic Development and Trade.
The Maldives International Financial Services Authority is set to play a crucial role in the development of both onshore and offshore financial services. This initiative aligns with the objectives outlined in the Special Economic Zones Act, which includes the provision of legal frameworks for onshore financing services. The Authority’s creation is a strategic step towards diversifying and strengthening the financial capabilities of the nation.
As per the directive issued, all official communications directed to the Maldives International Financial Services Authority should reference the number 498, adhering to the standard numbering system for state agencies. This will facilitate streamlined and efficient correspondence.
The President’s Office has released a formal announcement providing further insights into the objectives and operational functions of the new Authority. These details shed light on the comprehensive plan to establish offshore and onshore development banks and international financial centres and to conduct research aimed at overcoming legal and administrative challenges. The research will focus on developing a competitive system for the advancement of financial markets in the Maldives.