The head of the Maldives Monetary Authority’s (MMA) Financial Intelligence Unit (FIU) has been replaced less than 24 hours after a confidential report accusing People’s National Congress (PNC) Vice President and MP Ibrahim Shujau of corruption and unlawful enrichment was leaked.
The FIU, previously led by Abdulla Ashraf, now has a new head, though the individual’s identity has not yet been made public. The replacement follows the circulation on social media of a 24-page report detailing alleged suspicious financial transactions linked to Shujau.
The FIU, which operates under the Prevention of Money Laundering and Financing of Terrorism Act, is responsible for monitoring suspicious transactions, identifying links to criminal activity, and coordinating with enforcement agencies to curb money laundering.
Officials from several agencies have confirmed the leaked report is authentic. However, no state authority has taken action on its findings.
The report centres on transactions made between 1 November 2023 and 10 January 2024, after the Sifainge Welfare Company Pte Ltd (SIWEC) – a firm set up to generate revenue for the Maldives National Defence Force (MNDF) welfare programmes – disbursed funds to three subcontracted companies that were involved in President Mohamed Muizzu’s swearing-in ceremony.
FIU reports have occasionally surfaced publicly in the past, but state institutions have been widely criticised for failing to act on the cases flagged by the unit.
In response to the leak, Shujau said he could not confirm the authenticity of the report as no agency had officially informed him about it.