Maldives Monetary authority (MMA) has announced that the Central Bank's Financial Intelligence Unit (FIU) has been recognised and appointed as a member of Egmont Group.

MMA said FIU received membership at the 40th Annual Meeting of Egmont Group which began on 2 June 2024.

The Central Bank revealed that Maldives first applied for membership of Egmont Group in 2017, and Bangladesh and Sri Lanka acted as sponsors to assist Maldives in this regard.

As a member of Egmont Group, MMA's FIU will be able to exchange information between Egmont Group's member FIU's, seek technical assistance, and participate in important projects.

MMA said Egmont Group's membership is a significant step forward in MMA and FIU's efforts to combat money laundering and terror financing.