Parliament has passed an amendment to the National Payment Systems Act introducing heavy penalties for illegal financial transactions and granting new powers to the Maldives Monetary Authority (MMA).

The bill, introduced by Makunudhoo MP Adam Shafeeq, was approved by the People’s Majlis with 63 votes in favour. It will come into effect once ratified by the President and published in the Government Gazette.

The amendment aims to give the central bank greater authority to establish companies, partnerships, or joint ventures to operate payment systems and provide payment services. Under the existing law, the central bank does not have this authority.

The legislation also imposes strict penalties for unauthorised financial activities. No payment service may be provided or solicited in the Maldives without a licence or exemption from the MMA. 

Offences under the law will attract fines ranging from MVR 100,000 to MVR 10 million, depending on the severity of the violation. Payment solicitation is defined as offering or advertising payment services to the public, entering into agreements for such services, or inviting the public to make such agreements.