President places MIFSA under Finance Ministry

President Dr. Mohamed Muizzu on Friday, March 13th, designated the Maldives International Financial Services Authority as an institution operating under the Ministry of Finance and Planning.

President established MIFSA in accordance with his constitutional discretion on January 21st after which its mandate was given to the Ministry of Economic Development and Trade.

The President's Office reports this decision was made by the President under the authority vested in him by Article 116(a) of the Constitution.

The change also follows recommendations from studies conducted by relevant parties on developing an international financial sector in the Maldives, which advised that regulatory activities for international financial centres should be carried out by a separate institution operating under the Ministry of Finance.

MIFSA began operating under Ministry of Finance officially on March 11th onward as announced in Directive No. 5/2025 issued on Friday.

MIFSA was established with the aim of establishing the legal frameworks to facilitate both offshore and on-shore financial services in accordance with the Special Economic Zones Act.