Maldivian Banks Not Conducive to Illicit Activities: Yameen
Former President Abdulla Yameen Abdul Gayoom, serving an 11-year sentence for money laundering and bribery, argued during a High Court appeal that the Maldives banking system is not conducive to money laundering, contrary to the state's claims. He noted that money launderers operate in countries with bank secrecy laws, which the Maldives lacks. The prosecution cited a UNODC report and detailed alleged transactions, including a US$1.2 million deposit into Maldives Islamic Bank in February 2017. Yameen questioned the charges, stating no court has proven the funds were unlawful, and emphasized the Maldives Monetary Authority's responsibility for monitoring such activities.
Former President Abdulla Yameen Abdul Gayoom, serving an 11-year sentence for money laundering and bribery, argued during a High Court appeal that the Maldives banking system is not conducive to money laundering, contrary to the state's claims. He noted that money launderers operate in countries with bank secrecy laws, which the Maldives lacks. The prosecution cited a UNODC report and detailed alleged transactions, including a US$1.2 million deposit into Maldives Islamic Bank in February 2017. Yameen questioned the charges, stating no court has proven the funds were unlawful, and emphasized the Maldives Monetary Authority's responsibility for monitoring such activities.
Low Confidence
Score: 0.50
Former President Abdulla Yameen Abdul Gayoom, serving an 11-year sentence for money laundering and bribery, argued during a High Court appeal that the Maldives banking system is not conducive to money laundering, contrary to the state's claims. He noted that money launderers operate in countries with bank secrecy laws, which the Maldives lacks. The prosecution cited a UNODC report and detailed alleged transactions, including a US$1.2 million deposit into Maldives Islamic Bank in February 2017. Yameen questioned the charges, stating no court has proven the funds were unlawful, and emphasized the Maldives Monetary Authority's responsibility for monitoring such activities.
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Focus: Maldivian Banks Not Conducive to Illicit Activities: Yameen
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