The Foreign Currency Act, effective from 1 January 2025, builds on the framework of the initial Foreign Currency Regulation, maintaining the key rules and controls over foreign currency income and transactions while also introducing specific modifications.

The Private Companies Regulation formulated by the Ministry of Economic Development and Trade under the Companies Act was published and came into effect on 10th October 2024. The Regulation details compliance requirements included in the Act applicable to private companies in Maldives.

The MMA’s new Regulation on Foreign Currency came into effect on 1 October 2024 introducing significant new rules and controls over incomes received in foreign currency and foreign currency transactions

Year in Review 2023" is aimed at providing summaries of the key developments throughout the year in the area of civil law. Both legislative changes and some key judgments of the courts have been summarised in this regard.