Overview of the Foreign Currency Act

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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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