Maldives — Country Risk Report

Maldives (Asia Pacific • South Asia). Risk report as of the 19 Jun 2026 FATF plenary.

High country risk, with elevated corruption risk. Maldives's country risk score is 5.4/10, placing it in the high-risk band. The principal driver is weak corruption, alongside voice and accountability risk. Maldives is not currently FATF grey- or black-listed. Maldives is not subject to comprehensive country-wide sanctions. Firms should apply additional scrutiny where exposure involves state-linked entities, restricted sectors, sensitive technology, dual-use goods or politically exposed counterparties.

Recommended treatment

Enhanced due diligence for defined risk triggers.

At a glance

• FATF status: Not currently listed (one indicator only; it does not set the overall country risk rating by itself)
• Comprehensive country sanctions: none identified. Targeted sanctions exposure: possible, screen applicable persons, entities and sectors
• Government effectiveness and rule of law: 4.8/10
• Corruption (CPI 2025): 39/100, rank #91 of 182
• Enforcement data: not yet assessed (no RegActions coverage)

Country Risk Score: 5.4/10 (High)

Higher score means higher country risk (global average 4.6). Full information available. Strong data coverage. Enforcement activity and CPI are shown for context but do not change the score.

All three parts of the score are available.

How this score was calculated

• Financial crime controls: 7.9/10 — 50% of this score
• Government effectiveness and rule of law: 4.8/10 — 30% of this score
• International sanctions: 0.0/10 — 20% of this score

International sanctions contributes 0.0 because the complete UN, UK, EU and US review found no direct country-level sanctions programme. People or organisations connected to the country may still appear on sanctions lists.

Principal risk drivers

• Corruption (WGI) — 5.9/10
• Voice & accountability — 5.0/10

Mitigating factors

• Not currently on the FATF grey or black list.
• No comprehensive country-wide sanctions programme.
• Comparatively stronger political stability (3.5/10).
• Risk is concentrated in specific counterparties, sectors and transactions rather than applying uniformly.

Business impact

• Customer onboarding (High): Additional ownership and control verification may be required.
• Payments and transactions (High): Review transaction purpose, counterparties and geographic routing.
• Trade and export activity (High): Screen goods, end users and potential dual-use exposure.
• Corporate clients (High): Assess state ownership, government links and political exposure.
• Ongoing monitoring (High): Apply alerts for ownership changes, sanctions and geopolitical developments.

Recommended controls

• Verify ultimate beneficial ownership using more than one reliable source.
• Identify state ownership, government influence and politically exposed persons.
• Screen entities, directors and beneficial owners against applicable sanctions lists.
• Apply enhanced review to technology, defence, telecommunications, financial services and dual-use activity.
• Document transaction purpose and source of funds where cross-border structures are complex.
• Escalate unresolved ownership opacity or adverse information to Compliance.

Enhanced due diligence triggers

• State ownership / control
• PEP involvement
• Sensitive / restricted sectors
• Opaque ownership
• Adverse media
• Dual-use goods & technology
• High-risk intermediary routing

FATF status: Not currently listed

Maldives is not on the FATF grey or black list as of the 19 Jun 2026 plenary.

Source details

International sanctions by issuing body

• UN: No
• EU: No
• UK: No
• US: No

No means the complete UN, UK, EU and US review found no direct country-level programme. People or organisations may still appear on sanctions lists.

Government effectiveness and rule of law (World Bank 2024, percentile)

• Government Effectiveness: 47/100
• Regulatory Quality: 51/100
• Rule of Law: 58/100

Regulators and legal framework

FATF network

FATF network via APG.

• Asia/Pacific Group on Money Laundering

Last mutual evaluation: 2025 · report

National regulators

Regulator profiles not yet available on RegActions.

FIU: Egmont Group member (MMA-FIU)

Framework signals

• FATF listing: Not currently listed
• International sanctions: no listed programme identified
• Corruption (CPI 2025): 39/100, rank #91 of 182
• Rule of law (WGI): 4.8/10 risk

Sector exposure

• Banking & payments (Low): No FATF listing, rule-of-law governance within normal range
• Trade & export controls (Low): No sanctions programme or FATF black-list constraint identified
• Crypto & virtual assets (Low): No FATF listing, accountability governance within normal range
• Real estate & luxury assets (Elevated): Elevated corruption exposure (CPI 39/100)
• State-linked & procurement (Low): Political-stability and corruption governance within normal range

Derived from sanctions tier, FATF listing, World Bank WGI governance and CPI; no per-sector dataset is asserted.

Maldives: analysis

The Maldives' profile is determined solely by governance factors, as neither FATF nor sanctions overlay applies. Corruption (elevated) is the weakest domain, followed by rule of law and institutions (moderate) and voice and accountability (moderate). Political stability is comparatively strong. The CPI reading confirms meaningful corruption concerns. The country sits broadly mid-table on the World Bank governance indicators.

Outlook

The Maldives' risk profile is shaped principally by corruption and institutional weakness. Without tracked enforcement data, supervisory capacity is difficult to assess. Any deterioration in rule of law or a future FATF grey-listing would raise the risk profile materially. Conversely, demonstrated AML/CFT reforms and improved CPI performance would support a more favourable assessment.

Key watchpoints

• Any change in FATF status, which would materially raise scrutiny of Maldives-connected business.
• Developments in anti-corruption legislation and enforcement capacity.
• Availability of future enforcement data to assess supervisory activity.
• Rule of law trends given the relatively elevated moderate risk rating in that domain.

Assessment currency

• FATF status: Not listed (as of 19 Jun 2026)
• Sanctions exposure: None identified (as of Jul 2026)
• Governance (WGI): Latest dataset incorporated (as of 2024)
• Corruption (CPI): 39/100 (as of 2025)
• RegActions assessment: Reviewed (as of 19 Jun 2026)

Public evidence layer

FATF action: none. No FATF call-for-action or increased-monitoring status was identified at the latest plenary. This does not establish low risk.

Contextual signals (not scored)

• FATF network membership: FATF regional network: APG (present, as of 2026-07)
• EU non-cooperative tax jurisdictions: Not listed in Annex I (absent, as of 2026-02-17)
• Egmont Group FIU: MMA-FIU (present, as of 2026-07-17)
• Beneficial-ownership register: No live register identified in the source (unavailable, as of 2026-07-17)
• Transparency International CPI: 39/100, rank 91 (present, as of 2025)

Evidence freshness

• FATF monitored-jurisdiction status: current; data 2026-06-19
• FATF mutual evaluation and follow-up ratings: current; data 2026-07-31; follow-up 2025-10; base assessment 2025-10
• World Bank governance indicators: current; data 2024
• UN, UK, EU and US sanctions regimes: current; data 2026-08-13

Contextual signals are public evidence only and do not change the immutable v2 score.

Download evidence PDF · CSV · JSON

Regional peer scores

• Myanmar: 9.0/10 (Very high)
• North Korea: 9.0/10 (Very high)
• Afghanistan: 7.0/10 (Very high)
• China: 6.0/10 (High)
• Hong Kong: 6.0/10 (High)
• Laos: 6.0/10 (High)

Source: FATF black & grey lists · World Bank WGI (CC BY 4.0 — World Bank WGI) · TI CPI (CC BY-ND 4.0 — Transparency International, display only)