Maldives Customs Service has signed an agreement with all banks operating in the country to establish a system for verifying Telegraphic Transfer (TT) payments linked to imports and exports.
The Memorandum of Understanding was signed at the Maldives Monetary Authority (MMA), with the central bank’s Financial Intelligence Unit (FIU) set to coordinate the initiative.
Under the arrangement, Customs and commercial banks will establish a mechanism to exchange information on financial transactions made through the banking system in connection with goods imported into and exported from the Maldives.
The initiative is intended to allow authorities to more effectively compare payments declared for international trade with the corresponding details of goods passing through Customs.
In particular, information on TT payments made for imports will be cross-checked against import documentation, strengthening authorities’ ability to establish whether the financial transaction and the declared trade are consistent.
Commissioner General of Customs Fathimath Dhiyana signed the agreement on behalf of Maldives Customs Service, while chief executives and managing directors represented the respective banks.
The involvement of MMA’s Financial Intelligence Unit adds a financial intelligence component to the arrangement. The FIU serves as the national agency responsible for receiving, analysing and disseminating financial intelligence relevant to suspected money laundering, terrorism financing and other financial crimes.
Telegraphic transfers are widely used by Maldivian businesses to make payments to overseas suppliers, particularly in a country heavily dependent on imported goods. Establishing a formal information-sharing mechanism between Customs and banks is expected to improve authorities’ ability to verify the financial side of international trade transactions alongside Customs declarations.
Such verification can also help identify discrepancies between the value of goods declared at the border and the amount transferred through financial institutions, strengthening oversight of trade-related transactions.
The agreement comes as Maldivian authorities continue efforts to strengthen financial monitoring, Customs controls and cooperation between institutions involved in overseeing cross-border trade and financial flows.
With the new mechanism, Customs will have greater access to banking information required to verify whether payments associated with imports and exports correspond with the commercial transactions declared to authorities.
