President Dr. Mohamed Muizzu has designated the Maldives International Financial Services Authority (MIFSA) as an institution operating under the Ministry of Finance and Planning.
The decision, made under the authority granted by Article 116(a) of the Constitution, follows recommendations from studies on developing an international financial sector in the Maldives. These studies advised that regulatory activities for international financial centers should be managed by a separate institution within the Finance Ministry.
As a result, MIFSA, previously under the Ministry of Economic Development and Trade, will now operate under the Ministry of Finance and Planning starting March 11, 2025. The change was formalized through Directive No. 5/2025, issued on March 13, 2025.
The directive has been published on the President’s Office website and is accessible online.
The decision, made under the authority granted by Article 116(a) of the Constitution, follows recommendations from studies on developing an international financial sector in the Maldives. These studies advised that regulatory activities for international financial centers should be managed by a separate institution within the Finance Ministry.
As a result, MIFSA, previously under the Ministry of Economic Development and Trade, will now operate under the Ministry of Finance and Planning starting March 11, 2025. The change was formalized through Directive No. 5/2025, issued on March 13, 2025.
The directive has been published on the President’s Office website and is accessible online.
