News Desk
Maldives Customs Service and all operating banks across the country have inked a landmark agreement to clamp down on trade-based illicit financial flows and verify standard telegraphic transfers (TTs).
The Memorandum of Understanding, signed during a ceremony at the Maldives Monetary Authority (MMA), establishes an automated data-sharing setup between Customs and commercial banks to track trade transactions in real time.
Under the new deal, authorities aim to plug persistent loopholes by matching the exact funds sent abroad via TTs against the actual physical goods entering Maldivian ports. Beyond curbing illegal capital flight, officials say the system is designed to safeguard legitimate businesses operating within legal bounds.
Commissioner General of Customs Fathimath Dhiyana signed the pact on behalf of Customs, while chief executives and managing directors represented their respective banks. The MMA’s Financial Intelligence Unit (FIU) will oversee and coordinate the entire framework.
Despite the high-profile launch, financial insiders are raising red flags over missing details. Key technical rules and the exact scope of data to be shared remain shrouded in ambiguity.
With the MMA keeping tight-lipped and failing to release an operational framework to the press, business owners and financial institutions are openly questioning how smoothly the system will actually function on the ground.
While regulators hope this joint push by the MMA and Customs will finally stem the illegal outflow of foreign currency and streamline trade verification, local merchants say the true impact on daily business won’t be clear until the automated system officially goes live.
