The Government of the Maldives has officially designated the Maldives International Financial Services Authority (MIFSA) as an institution operating under the Ministry of Finance and Planning.

The reassignment follows recommendations from studies on the development of an international financial sector in the Maldives. These studies concluded that regulatory activities for international financial centres should be administered by a dedicated institution under the Ministry of Finance and Planning.

Previously operating under the Ministry of Economic Development and Trade, MIFSA will now function under the authority of the Ministry of Finance and Planning, in accordance with Article 116(a) of the Constitution, which grants the President the authority to restructure government institutions.

The directive has been published on the President’s Office website and is accessible to the public.