"Maldives International Financial Services Authority" Established by President

The President yesterday established the Maldives International Financial Services Authority.

The agency was created under the authority of the President under Article 116 of the Constitution.

The objectives of the agency, which will come under the Ministry of Economic Development and Trade, include the formulation of the legal framework for the provision of off-shore financing services and on-shore financing services as stipulated in the Special Economic Zone Act.

In addition, the objectives of the agency include the establishment of off-shore/on-shore development banks and international financial centers in Maldives and research to find modern solutions to the legal and administrative obstacles to developing the financial market and establishing a competitive system.