Ihusaan says Some TT payments made without corresponding imports

Homeland Security Minister Ali Ihusaan said on Monday that authorities have identified cases in which businesses transferred money overseas for imports but no corresponding goods entered the Maldives.

Speaking at a press conference at the President’s Office on issues related to the dollar market, Ihusaan said some businesses reported making advance payments for imports, but the goods had still not arrived even after a year.

Banks and Maldives Customs Service have signed a memorandum of understanding to strengthen checks on whether telegraphic transfers made for importing goods are linked to legitimate trade transactions.

Under the agreement, a system will be established for banks and Customs to exchange information on trade transactions involving goods imported to and exported from the Maldives.

“When we look at the work being carried out under the MOU signed between Customs and the banks, there are TT payments for which no corresponding goods have entered the Maldives,” Ihusaan said.

“Some say the money was paid as an advance payment. Even after a year, some of those goods have not arrived.”

He said authorities had also identified cases where payments described as balances due for goods already received did not match the imports recorded against the relevant invoices.

Ihusaan described such activity as “trade-based money laundering”.

“We are now seeing this route being used in drug trafficking and also to send the salaries of expatriates abroad,” he said.

Ihusaan said suspected cases of trade-based money laundering would be investigated and action taken in accordance with the law.