Maldives Customs Service has signed a Telegraphic Transfer (TT) Verification Memorandum of Understanding (MoU) with all banks operating in the Maldives to strengthen the verification of transactions related to imported and exported goods.

Customs commissioner general Fathimath Dhiyana signed the agreement on behalf of Customs at a ceremony held at the Maldives Monetary Authority (MMA), while the CEO's and Managing Directors of the banks signed on their institutions’ behalf.

Under the agreement, Customs and banks will establish a system to exchange information on business transactions conducted through banks in connection with imports and exports.

Customs said the main objective is to strengthen checks matching TT payments with information on imported goods and to verify the authenticity of business-related financial transactions.

The Financial Intelligence Unit (FIU) of the MMA will oversee the implementation of the agreement.