- Impossible to launder money as described
- MMA denies allegation
- Stealing Paradise reports that US$ 1.5 billion was in question
Former MMA Governor Fazeel Najeeb has stated that it would be impossible to launder US$ 1.5 billion as described in "Stealing Paradise", the report issued by Al Jazeera.
The report said former Vice President Ahmed Adeeb and MMA Governor Azeema Adam had conspired to bring in US$ 1.5 billion with the assistance of businessmen from Malaysia, Indonesia and Singapore and launder the cash through MMA.
Fazeel Najeeb said that it was "impossible to take cash into or out of MMA Maldives" as suggested by the report.
MMA has strict policies on transferring cash. For the transfers to proceed, four individuals from different institutions must be present. A former official at the Central Bank said that cash cannot be transferred against the policies, in spite of political influence or corruption.
Individuals involved cash transfer to MMA
- A representative appointed by Parliament secretariat
- A representative from Audit Office
- Representative from Finance Ministry
- Representative from MMA
The system requires the four individuals be present at the time to initiate the transfer. As per Al Jazeera documentary, the discussions initiated in August and September of 2014. Based on this time, the US$ 1.5 billion transaction would have occurred during the tenure of then Auditor General Niyaz Ibrahim and in the presence of either Niyaz or an individual appointed by Niyaz. Niyaz was dismissed from his position in November 2014.
When he provided information to the report, Niyaz had failed to note these aspects. The report also said there was no proof of a such a transfer, only the discussions of such a transfer. An expert who commented on the report said that US$ 1.5 billion is a large amount and the allegations were similar to a James Bond movie.
MMA also had denied the allegations, stating that no such transactions had taken place. Stealing Paradise said that MMA had not commented on the report. MMA said the makers of the report had not reached out to either the Authority or the Governor Dr. Azeema Adam for comment.
MMA said rumors of this nature will only undermine the faith in the financial sector of the nation.
