President Dr. Mohamed Muizzu has transferred the Maldives International Financial Services Authority (MIFSA) under the jurisdiction of the Ministry of Finance and Planning, effective March 11.
The decision follows recommendations from studies conducted on the development of an international financial sector in the Maldives, which advised that regulatory oversight of international financial centres should be handled by an institution operating under the Finance Ministry.
Previously functioning under the Ministry of Economic Development and Trade, MIFSA will now operate as a regulatory body under the Ministry of Finance and Planning.
MIFSA was established to enhance the legal framework for onshore financing services, complementing the offshore services provided under the Special Economic Zone Act.
Its key mandates include:
- Establishing offshore and onshore development banks
- Developing international financial centres
- Researching legal and administrative challenges in the financial sector
- Creating a competitive and modern financial system in the Maldives
The transfer of MIFSA to the Finance Ministry is expected to streamline regulatory processes, ensuring greater efficiency in the development of financial services and fostering international investment in the sector.
