President Mohamed Nasheed has today ratified the Maldives Banking Bill passed by the People’s Majlis on 22 November 2010.
Following the ratification, the Maldives Banking Act has been published in the government Gazette today.
The Maldives Banking Act regulates the business of banking in the Maldives and covers matters including issuing license to commercial banks to operate in the Maldives, appointment of conservators and receivers, and filing for liquidation.
Objectives of the Maldives Banking Act include:
1. Strengthening the banking system, and ensuring public confidence in the banking system;
2. Protecting the rights of depositors and creditors;
3. Protect the banking system from any potential threats;
4. Curbing financial crimes such as money laundering, terrorism financing, and fraud;
5. Facilitate competitive banking, and ensure banks meet public demand and benefit the economy.
Maldives Monetary Authority is responsible for enforcing the Act.
