Major resort chains, construction companies, and political figures are involved in operating the US dollar black market, and the government will not hesitate to take legal action against them, Minister of Homeland Security and Technology Ali Ihusaan has stated.

Speaking at a joint press conference held at the President’s Office today by relevant state authorities regarding government efforts to curb the currency black market, Minister Ihusaan noted that while 63 registered money exchange businesses are officially licensed in the Maldives, numerous unlicensed operations are functioning illegally.

The Minister revealed that investigations have gathered intelligence on several illicit operations, noting that seven identified entities alone sold USD 76 million on the black market over the past nine days.

Minister Ihusaan emphasized that operating unauthorized exchange operations is a criminal offense, and profiting personally or commercially from illicit activities constitutes money laundering.

"Deriving personal or business profits from a criminal act is money laundering. Knowingly or unknowingly, individuals and businesses are engaging in money laundering. Instead of bringing foreign currency into the formal economy, these places are merely trading currency on the illicit market," the Minister said.

The Minister added that investigations have uncovered the involvement of resort businesses, the construction sector, and certain political figures, highlighting that major resort chains and dollar-earning construction firms have been actively channeling foreign exchange into the black market.

"One resort chain alone sold USD 4 million on the black market over a period of nine months," the Minister said.

The Minister further affirmed that the Maldives Monetary Authority (MMA) will take strict legal action against every unauthorized dollar transaction conducted on the black market.