CTL Strategies ranked in Chambers Global Guide 2024
CTL Strategies has been ranked in the Chambers Global Guide 2024, published by Chambers and Partners.
The new edition of the Global Guide highlighted CTL for its considerable market respect in tax matters, and demonstrating strength in litigation and corporate services. Among responses received from interviewees, Chamber and Partners quoted that the firm is “able to handle complex matters and provide unbiased legal advice.”
Chambers and Partners is an independent research firm that operates in 200 jurisdictions and is commonly referred to as the “gold standard” in the legal profession. Chambers and Partners publishes rankings and information on the world’s top lawyers and law firms. In-depth interviews with lawyers, in-house counsel for clients, and independent experts were used to compile the rankings.
Regulation on Registrations Under the Foreign Currency Act
The Regulation on Registrations Under the Foreign Currency Act1 (the “ Regulation”) was gazetted on 9 January 2025.
The Regulation establishes the procedural requirements and administrative process for the registrations required under the Foreign Currency Act2 (the “FC Act”).
Entities Required To Register At MMA
The below entities are required to register at the MMA under the FC Act:
Registration Deadlines
Deadline: Registration application to be submitted to the MMA before 13 January 2025
Deadline: Registration application to be submitted to the MMA before 3 February 2025
Deadline: Registration application to be submitted to the MMA within 30 days from the date of commencement of the business
Deadline: Registration application to be submitted to the MMA before the end of January in the subsequent year of reaching the minimum revenue threshold
The registration applications must be submitted to the MMA through the Foreign Exchange Registration Portal of the MMA. The Regulation provides a comprehensive list of information and documents required for the registration.
According to the Regulation, the MMA is to process complete applications within 10 working days. If an application is incomplete, the applicant must submit the missing documents or information within 10 working days from notification by the MMA, after which the MMA is to process the application within 5 working days.
It is to be noted that Tourism Sector Entities which have registered with the MMA under the Repealed Regulation on Foreign Currency will not be required to re-register with the MMA.
Responsible Person
The Regulation further elaborates on the role and responsibilities of the Responsible Persons appointed by the entities registered with the MMA. Maintaining consistency with the procedures established under the Repealed Foreign Currency Regulation, each registered entity must designate both a primary Responsible Person and an alternative Responsible Person.
The Responsible Person serves as the primary liaison between the registered entity and the MMA, and is to communicate with the MMA on behalf of the entity in relation to its compliance and reporting requirements.
The roles of the primary and an alternative Responsible Person may be fulfilled by a director, partner, employee or an officer of the entity.
Enforcement
The MMA is empowered to issue orders to non-compliant entities to complete their registration and may further impose penalties ranging from MVR10,000 to MVR1,000,000 for violations of the Regulation.
Effective Date
The Regulation is effective from 9 January 2025.
Overview of the Foreign Currency Act
The Foreign Currency Act (the “Act”) has been ratified and gazetted on 14 December 2024. The Act is intended to replace the Foreign Currency Regulation which introduced significant obligations for businesses operating in Maldives.
Several modifications have been introduced under the Act, which is set to be effective from 1 January 2025.
Our Overview of the Act provides a brief on the obligations and compliance requirements stipulated in the Act.
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