Foreign investments pose no threat to Islam or sovereignty, insists President Yameen

“It does not mean casinos will be operated in the Maldives, and it does not mean the president would have more power than he should,” Yameen said in a speech at a function held by the Maldives Inland Revenue Authority (MIRA) to celebrate its fourth anniversary.

Yameen insisted that foreign investments would be fully subject to Maldivian law while sovereignty would extend to the SEZs.

The government’s flagship SEZ legislation – which envisions free trade zones with relaxed regulations and tax incentives – has come under fire from the opposition with former President Mohamed Nasheed contending that the zones would be used for criminal enterprises, “irreligious” activities such as gambling, and money laundering.