The Maldives has taken an important step towards strengthening transparency, accuracy and accountability in international trade, with the Maldives Customs Service signing a Memorandum of Understanding with all banks operating in the country to establish a mechanism for verifying Telegraphic Transfer transactions associated with imports and exports.
The agreement was signed on Sunday during an official ceremony held at the Maldives Monetary Authority, bringing together the Maldives Customs Service, the country’s banking institutions and the central bank in a coordinated effort to enhance the verification of financial information connected to cross-border trade.
Under the MoU, a structured mechanism will be established to facilitate the exchange of relevant financial transaction information between banks and the Maldives Customs Service. The arrangement will cover payments processed through the banking system in relation to goods imported into and exported from the Maldives, enabling Customs authorities to verify commercial declarations against corresponding financial transactions.
A central objective of the initiative is to strengthen the verification of information declared to Customs for imported goods. By cross-checking declared values and other relevant information against Telegraphic Transfer payments processed through banks, authorities will be better positioned to confirm the authenticity and accuracy of financial transactions associated with international trade.
The new framework is expected to contribute to a more transparent and reliable trading environment by improving the quality of information available to Customs during the assessment of import and export transactions. Greater coordination between Customs and financial institutions can also support more effective regulatory oversight while strengthening confidence in the country’s trade and financial systems.
For an import-dependent economy such as the Maldives, efficient and credible trade administration plays an important role in supporting businesses, maintaining the integrity of commercial transactions and ensuring that international trade is conducted through transparent and properly documented channels. Strengthening the connection between customs declarations and banking records is expected to provide authorities with an additional layer of verification while supporting more accurate assessment of transactions involving goods entering and leaving the country.
The initiative also reflects the Government’s broader emphasis on strengthening institutional coordination and modernising administrative systems. Cooperation between Customs, commercial banks and the Maldives Monetary Authority is expected to improve information-sharing across key institutions involved in trade and financial regulation while helping to ensure that procedures keep pace with the continued development of the Maldivian economy.
Commissioner General of Customs Fathimath Dhiyana signed the Memorandum of Understanding on behalf of the Maldives Customs Service. The participating banks were represented by their respective Chief Executive Officers and Managing Directors, demonstrating sector-wide participation in the establishment of the new verification framework.
The Financial Intelligence Unit of the Maldives Monetary Authority will oversee the implementation and coordination of the initiative. Its involvement is expected to ensure that the information-sharing mechanism is implemented through an organised framework involving Customs and the banking sector.
The agreement represents a further strengthening of cooperation between public institutions and the financial sector in safeguarding the credibility of international trade transactions. As the Maldives continues to expand its commercial links with global markets, improvements in trade verification and financial transparency are expected to support a more secure, efficient and internationally credible business environment.
Through enhanced coordination and the use of financial transaction data in trade verification, the Government is seeking to strengthen confidence in Customs procedures, improve the accuracy of import and export information and further reinforce the institutional framework supporting the Maldives’ international trade sector.
advertisment
advertisment
