The Maldives Monetary Authority (MMA)’s Financial Intelligence Unit has become a member of the Egmont Group of Financial Intelligence Units.
The Egmont Group of Financial Intelligence Units is a global organization working to enhance swift, robust, and secure network to safely and securely exchange information related to financial crimes such as money laundering and terror financing.
The central bank’s Financial Intelligence Unit was inducted as a member at the 30th annual meeting of the Egmont Group, that began on June 02, 2024 in Paris, France.
The MMA Financial Intelligence Unit first applied for membership in 2017. The Maldives central bank saw endorsements from the Financial Intelligence Units of Bangladesh and Sri Lanka to secure its membership spot at the Egmont Group.
Becoming a member of Egmont Group enhances easier exchange of information among other FIU member counterparts, seek technical assistance, and participate in various Egmont-led projects.
The membership is a major step forward for the Maldivian central bank’s FIU in its continued efforts to combat and curtail money laundering and terror financing activities, envisioned by both the MMA and the Maldives FIU.