President Dr Mohamed Muizzu established the “Maldives International Financial Services Authority” today.
This new institution, falling under the Ministry of Economic Development and Trade’s mandate, has been instituted under the authority conferred upon the President by Article 116 of the Constitution of the Republic of Maldives.
The government entity named “Maldives International Financial Services Authority” was established to develop a legal framework for providing onshore financing services in addition to offshore financing services mentioned in the Special Economic Zones Act (Law No. 24/2014).
Establishing the Maldives International Financial Services Authority would enable the formation of offshore and onshore development banks and international financial centers and conduct research to seek modern solutions for the legal and administrative challenges of establishing a competitive system to develop financial markets.
This new institution, falling under the Ministry of Economic Development and Trade’s mandate, has been instituted under the authority conferred upon the President by Article 116 of the Constitution of the Republic of Maldives.
The government entity named “Maldives International Financial Services Authority” was established to develop a legal framework for providing onshore financing services in addition to offshore financing services mentioned in the Special Economic Zones Act (Law No. 24/2014).
Establishing the Maldives International Financial Services Authority would enable the formation of offshore and onshore development banks and international financial centers and conduct research to seek modern solutions for the legal and administrative challenges of establishing a competitive system to develop financial markets.
