Maldives: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism

IMF Staff Country Reports, January 4, 2012

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The Maldives has taken steps to lay down the foundations of an antimoney laundering and counterterrorist financing (AML/CFT) framework.
The report summarizes the AML/CFT measures that were in place in the Maldives at the time of the onsite visit (October 17–28, 2010) and shortly thereafter.
The report describes and analyzes these measures and offers recommendations on how to strengthen certain aspects of the AML/CFT system.
The report assesses the Maldives’ level of compliance with the Recommendations of the Financial Action Task Force (FATF).

Foundations of an AML/CFT framework have been established in the Maldives.
The assessment is based on conditions observed during the onsite visit (October 17–28, 2010) and subsequent developments shortly thereafter.
The report provides both descriptive analysis of existing measures and evaluative assessment versus FATF Recommendations.
The report contains recommendations intended to strengthen aspects of the AML/CFT system.

Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT); Banking; Crime; Legal support in revenue administration; Money laundering; Revenue administration; Terrorism financing
Keywords: AML regulation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Asia and Pacific; banking sector; CFT requirement; CR; credit card; criminal activity; criminal offense; cyber crime; drug trafficking; due diligence; ISCR; Legal support in revenue administration; Money laundering; penal code; South Asia; Terrorism financing; terrorist financing