Regulatory Alerts2024-10-10
Circular CN/2024/9091: Implementation of Targeted Financial Sanctions
The Maldives Monetary Authority's Financial Intelligence Unit issued Circular CN/2024/9091 to mandate that all reporting entities implement targeted financial sanctions against individuals and entities designated by the United Nations Security Council. Reporting entities are required to immediately freeze assets, cease business relationships, and notify the FIU upon listing, while releasing sanctions and updating records upon de-listing. Compliance with these measures is enforced under Law No. 10/2014, with failure to adhere resulting in prescribed legal penalties.
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