Minister of Homeland Security and Technology Ali Ihusaan has stated that authorities will not hesitate to pursue criminal action against those involved in illegal foreign exchange dealings where necessary.

Speaking at a press conference held at the President’s Office today, Ihusaan noted that while only 63 entities are officially registered and licensed to provide foreign exchange services in the Maldives, numerous unlicensed operators continue to function illegally. He revealed that an investigation into just seven such operators showed they had traded USD 77 million on the black market over the past nine months.

Ihusaan emphasized that conducting foreign currency exchange without a license is a violation of Maldivian law, meaning the proceeds derived from these operations are criminal gains used for personal and commercial spending.

"Deriving profit from such activities constitutes money laundering under Maldivian law. Therefore, whether knowingly or unknowingly, these entities are engaging in money laundering activities," Ihusaan said.

The Minister explained that the Maldives Monetary Authority (MMA) is taking administrative action against parties involved in dollar trading—both licensed and unlicensed—that breach regulatory standards.

"The police and other law enforcement agencies are tasked with investigating criminal offenses. If sufficient evidence is established meeting the threshold to prosecute, we will press charges and request the Prosecutor General's Office to pursue the penalties prescribed by law," Ihusaan said.

He affirmed that criminal proceedings will be brought before the courts through established legal processes, stressing that no entity or individual will be exempt.