A meeting held by CMDA to relay information on stock brokers: CMDA is actively monitoring for money laundering in the Maldives stock market
Capital Market Development Authority (CMDA) has revealed that the authority monitors the Maldives stock market for possible investing of laundered money.
CMDA revealed that clients are required to fill out an information form to mitigate the chances of money laundering and that exchanges cannot be made within the stock market without completing the form.
It was stated that unusual exchanges within the stock market will be monitored and checked on whilst the formerly mentioned information forms will make it easier to track and clarify such exchanges. The form would contain details of the bank account used in purchasing shares and information of the person purchasing the shares.
The authority stated that though the Maldivian economy is small it is interlinked with the economies of other countries thus making it likely money laundering might take place here assuring that CMDA will constantly work to prevent such incidences.
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