President Dr Mohamed Muizzu has designated the Maldives International Financial Services Authority as an institution operating under the Ministry of Finance and Planning.
The President made this decision under the authority vested in him by Article 116(a) of the Constitution. This follows recommendations from studies conducted by relevant parties on developing an international financial sector in the Maldives, which advised that regulatory activities for international financial centres should be carried out by a separate institution operating under the Ministry of Finance and Planning.
Consequently, the Maldives International Financial Services Authority, which was previously functioning under the Ministry of Economic Development and Trade, will operate under the Ministry of Finance and Planning from March 11, 2025, as announced in Directive No. 5/2025 issued on March 13, 2025.
This directive has been published on the President's Office website and can be viewed via this link.