In a landmark development for the Maldives’ financial sector, President Dr Mohamed Muizzu has ratified the Foreign Currency Act, marking a significant step toward reinforcing the national currency and regulating foreign currency transactions. The bill, passed by Parliament on December 12, 2024, during its 60th sitting of the third session, was officially published in the […]
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On 27 December 2023, President Dr Mohamed Muizzu ratified the Companies Act 2023 (Law No: 07/2023), ushering in a new era of corporate regulation in the Maldives. The Act officially came into force on 1 January 2024, repealing the long-standing Companies Act of 1996, which had governed company operations in the country since its implementation […]
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The Maldivian government, through the Ministry of Tourism, has officially unveiled the “Strata Villas Regulation” (Regulation Number: 2023/R-154), a pivotal piece of legislation designed to govern the long-term lease of villas and rooms within integrated tourist resorts under a strata principle. This regulation provides much-needed clarity and a structured framework for both developers and potential […]
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In the practice of law, procedural rules are fundamental to ensuring fairness and integrity in the administration of justice. However, some regulations, despite being well-intentioned, can create unnecessary obstacles that impede access to legal representation. A clear example of this is found in the procedural requirements governing powers of attorney for legal representation in the […]
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Access to justice is a fundamental pillar of any democratic society, ensuring fairness, equality, and the rule of law. Unfortunately, the Maldives faces significant challenges in its justice system, hindering its ability to deliver justice effectively. In this article, we will shed light on the main issues faced by the justice system in the Maldives […]
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On April 28, 2022, the International Tribunal on the Law of the Sea (ITLOS) issued a verdict in the maritime boundary dispute between Mauritius and the Maldives. The dispute involved the Exclusive Economic Zones (EEZ) of the Maldives and the Chagos archipelago, and the delimitation of territorial waters between Mauritius and the Maldives. The tribunal […]
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The Maldives introduced a new Civil Procedure Code on June 16th, 2022, with the aim of bringing more efficiency to the country’s legal system and speeding up the resolution of cases. The introduction of the new code was expected to bring improvements to the legal system, but according to some lawyers, it cannot be said that the […]
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The Maldives government has gazetted a new regulation that permit resort developers to extend the designated boundary of their resorts from 500 to 1000 meters. The boundary extension fee for an additional 500 meters is set at $100,000. On March 14, 2023, the Ministry of Tourism launched the new Resort Boundary Regulations, officially known as […]
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On 20th February 2023, the government published the Regulation Relating to the Loading and Carriage of Goods for Seagoing Vessels (Regulation No: 2023/R-71) in the Government Gazette. The regulation establishes minimum requirements for loading, unloading, storage, carriage and safety of cargo on ships. The regulation comes into force on 20th May 2023, and applies to […]
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The Importance of Corporate Governance: Ensuring Transparency, Accountability, and Ethical Behavior Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. It is concerned with how a company is managed and how the interests of stakeholders, including shareholders, employees, customers, suppliers, and the wider community, are […]
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