President Dr Mohamed Muizzu on Thursday designated the Maldives International Financial Services Authority (MIFSA) as an institution operating under the Ministry of Finance and Planning.
The President’s decision 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, MIFSA, which was previously functioning under the Ministry of Economic Development and Trade, will now operate under the Ministry of Finance and Planning from 11 March as per the President’s directive.
MIFSA was created to enhance the legal framework for onshore financing services, complementing the offshore services offered under the Special Economic Zone Act. Its mandate includes establishing offshore and onshore development banks, international financial centres, and researching modern solutions to legal and administrative challenges in the financial market, fostering a competitive system in the Maldives.
