Home Minister Ali Ihusan has stated that cases have been identified where businesses claim to be importing goods but fail to bring the goods into the Maldives despite making overseas payments through telegraphic transfers (TTs).

Speaking at a press conference at the President’s Office today, Ihusan said such transactions could constitute trade-based money laundering.

He said some businesses claim the payments were made as advance payments for imports, but the goods do not arrive even after a year.

Ihusan said the government is working with banks and Maldives Customs Service under an agreement to strengthen verification of whether TT payments made for imports are legitimate.

He added that similar channels have been identified in drug trafficking and the transfer of foreign workers’ salaries overseas. Ihusan said cases of trade-based money laundering would be investigated and action taken in accordance with the law.