September 30, 2022

‘1.9 billion MVR lost to corruption must be recovered’: Finance Minister

Finance Minister Ibrahim Ameer said MVR 1.9 billion owed to the state between 2009 and 2020 had still not been recovered. The minister made the statement on Sunday during a speech at a ceremony organized to launch a workshop organized by Anti-Corruption on the establishment of an asset recovery system.

Speaking at the ceremony, Minister Ameer said a system for recovering money lost by the state must be put in place. The doors used for corruption must be permanently closed, he said.

“Closing these doors is a very important policy of the government. The work carried out under this policy in recent days has strengthened the financial system of the state as well as public finances,” he said.

The minister also shared information on the government’s efforts to prevent the loss of money through corruption. He said the law on public finance and financial regulations had already been amended to limit opportunities for misuse of state assets and money. However, there are still changes to be made to laws and regulations, he said.

The minister said the government’s efforts to fight corruption are yielding results. He shared the Maldives’ ranking in the Global Corruption Index (CPI) and noted that the Maldives was ranked at 124th position in the IPC index and moved up to 85th position in the 2021 ranking.

Although the Minister of Finance acknowledged that the state had lost more than 1.9 billion MVR between 2009 and 2020, the Minister did not provide details on the figures. Noting that the loss of money through corruption is very common, he stressed that a strong system should be in place to recover lost money.

At the ceremony, ACC President Adam Shamil said that most of the money lost to corruption was funds allocated to foster the development desired by the people. The workshop was launched to explain how the state should try to recover lost funds, he said.