BML condemns ACC for making ‘unfounded accusations’

Bank of Maldives (BML) has responded to the comments made by Anti-Corruption Commission (ACC) on Tuesday, July 9, which imply 38 of the bank’s employees are under suspicion for possible involvement in the Maldives Marketing and Public Relations Corporation (MMPRC) embezzlement and money laundering case.

Below is the statement issued by BML in response to the allegation:

STATEMENT IN RELATION TO THE ONGOING INVESTIGATION ON THE MMPRC CASE

Bank of Maldives has in place a strong governance framework supported by robust policies and procedures that take into account the relevant laws and regulations, and follows international best practices. Strong internal controls are in place to ensure our employees operate within the highest standards of integrity and professionalism.

The Bank has never and will never support financial irregularities of any form. In relation to the ongoing MMPRC case, the Bank’s internal audits as well as the audits undertaken by MMA and the Financial Intelligence Unit verified that the Bank had fully complied with its legal and regulatory obligations as prescribed under the law. The reports did not find any wrongdoing or involvement of any of our staff.

While the Bank has refrained from commenting on what is an ongoing investigation, it strongly condemns yesterday’s comments that imply our staff were involved in the MMPRC case. These allegations were also made ahead of the conclusion of this case. Unfounded allegations such as these have the potential to undermine our plans as well as to impact negatively on our reputation with international correspondent banks on whom businesses and people rely on for payments and trade.

The cheques issued to MMPRC and deposited to SOF accounts were endorsed cheques presented to the Bank. These cheques were deposited in compliance with the law, specifically the Negotiable Instruments Act 16/95, which the Bank of Maldives and all banks operating in the country conform to.

We have and will continue to work closely with the authorities to provide our full support and co-operation to this ongoing investigation. The Bank looks forward to the swift conclusion of this case and to be cleared of these allegations.