Funds raised in Maldives to support terrorism abroad: State Department

The report however noted the absence of “reliable information regarding the amounts involved.”

“While no official studies yet have been conducted, the Maldivian Central Bank believes that criminal proceeds mainly come from domestic sources, as a large percentage of Suspicious Transaction Reports (STRs) are related to Maldivians,” the report revealed.

“The Maldives Monetary Authority [MMA] reports that hawala systems (informal money transfer networks) are being used to transfer funds between the islands, although the extent to which these systems are used to launder money is still unclear.”