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2026-08-31

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First Amendment to the Foreign Currency Act

The First Amendment to the Foreign Currency Act (13/2026) amends the Foreign Currency Act (32/2024) to introduce new provisions for the registration and supervision of foreign currency exchange operators. It establishes specific capital requirements, including a minimum paid-up capital of MVR 25,000,000.00 for operators and MVR 25,000.00 for money changers, alongside maximum transaction limits. The amendment defines prohibited activities, such as exceeding authorized transaction thresholds and failing to maintain proper records, and introduces a tiered penalty system with fines ranging from MVR 100,000.00 to MVR 5,000,000.00 for violations. It also mandates the registration of all foreign currency exchange activities and sets the effective date for these changes as January 26, 2026.

Source: Maldives Monetary Authority — original document

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13/2026: Foreign Currency Act

Amendments to the Foreign Currency Act (32/2024)

Article 1

The Foreign Currency Act (32/2024) is amended as follows:

Article 2

The following new provisions are added to the Foreign Currency Act:

  1. The following new provisions are added to Article 4 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 4 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act. (c) "Authorized Transaction" means a transaction conducted within the limits prescribed under Article 15 of the Act. (d) "Prohibited Transaction" means a transaction conducted outside the limits prescribed under Article 15 of the Act.

  2. The following new provisions are added to Article 9 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 9 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act. (c) "Authorized Transaction" means a transaction conducted within the limits prescribed under Article 15 of the Act. (d) "Prohibited Transaction" means a transaction conducted outside the limits prescribed under Article 15 of the Act.

  3. The following new provisions are added to Article 6 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 6 of the Act.

  4. The following new provisions are added to Article 6 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 6 of the Act.

Registration of Foreign Currency Exchange Operators

6-1. Every Foreign Currency Exchange Operator must register with the Monetary Authority.

6-2. The registration of Foreign Currency Exchange Operators must be renewed annually. The renewal must be applied for within the period prescribed by the Monetary Authority.

6-3. Foreign Currency Exchange Operators must maintain proper records of all transactions conducted. The records must be kept for a period of not less than five years from the date of the transaction.

6-4. Foreign Currency Exchange Operators must submit annual returns to the Monetary Authority. The returns must include details of all transactions conducted during the year.

6-5. The following new provisions are added to Article 7 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 7 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

6-6. The following new provisions are added to Article 7 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 7 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

6-7. The following new provisions are added to Article 9 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 9 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

6-8. The following new provisions are added to Article 10 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 10 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

6-9. The following new provisions are added to Article 11 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 11 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

6-10. The following new provisions are added to Article 12 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 12 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

6-11. The following new provisions are added to Article 12 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 12 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

6-12. The following new provisions are added to Article 17 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 17 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

6-13. The following new provisions are added to Article 18 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 18 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

6-14. The following new provisions are added to Article 7 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 7 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

6-15. The following new provisions are added to Article 4 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 4 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

6-16. The following new provisions are added to Article 1 of the Act: (a) "Foreign Currency Exchange Operator" means a person registered under Article 1 of the Act. (b) "Money Changer" means a person registered under Article 15 of the Act.

Penalties

9-1. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 25,000,000.00 and not more than MVR 1,000,000.00.

9-2. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 25,000.00 and not more than MVR 1,000,000.00.

9-3. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-4. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-5. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-6. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-7. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-8. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-9. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-10. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-11. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-12. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-13. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-14. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-15. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

9-16. Any person who contravenes the provisions of this Act shall be liable to a fine of not less than MVR 100,000.00 and not more than MVR 5,000,000.00.

Effective Date

  1. This Act shall come into force on the 26th day of January 2026.

  2. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  3. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  4. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  5. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  6. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  7. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  8. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  9. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  10. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  11. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  12. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  13. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  14. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  15. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

  16. The amendments made by this Act shall apply to all transactions conducted on or after the 26th day of January 2026.

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