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Home Minister Ihusaan speaking at the press conference, alongside Economic Minister Saeed and Attorney General Usham - Photo: President Office

MALÉ: Minister of Homeland Security and Technology Ali Ihusaan revealed today that authorities have uncovered major trade-based money laundering operations utilizing bank Telegraphic Transfers (TTs) intended for foreign imports.

Speaking at a joint news briefing held at the President’s Office alongside Minister of Economic Development and Trade Mohamed Saeed and Attorney General Ahmed Usham, Minister Ihusaan explained that a joint monitoring effort between Bank of Maldives (BML) and Maldives Customs Service under a recent MoU exposed the illicit scheme. Investigations revealed that individuals acquired foreign currency from banks to issue large TTs for overseas goods, but no matching imports arrived in the country even after a full year.

When questioned, perpetrators frequently claimed the transfers were advance payments or balance settlements for earlier shipments. However, cross-checking customs records showed that the goods listed on the submitted invoices were never brought into 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,” Minister Ihusaan stated. “Some say the money was paid as an advance payment. Even after a year, some of those goods have not arrived.”

Minister Ihusaan emphasized that these trade-based money laundering routes are being exploited to finance illegal drug trafficking and transfer unregistered expatriate wages out of the country.

The government confirmed that police are conducting criminal investigations into these cases as trade-based money laundering offenses. Minister Ihusaan stressed that all businesses must comply with the law, warning that past enforcement gaps do not excuse illegal financial activity.