BIG company accused of money laundering

Members of the Anti Corruption Commission of Maldives at a Parliamentary Committee Meeting | Photo: Mihaaru

Male’, Maldives – A report formulated by the Anti Corruptions Commission (ACC), regarding a money laundering case against Business Image Group (BIG) has been forwarded to the Judiciary Committee of the Parliament.

Speaking at the Parliamentary sitting on Monday, Speaker of the Parliament Mohamed Nasheed commented on the matter, detailing that the report formulated by ACC, following a complaint raised by the Maldives Monetary Authority (MMA) citing a suspicious transaction has been forwarded to the Parliament following investigation.

Explaining the findings of the report, Nasheed said that BIG company attempted to deposit MVR 2,158,000 to Bank of Maldives (BML) on 16th March, 2020. However the deposit was denied due to the documents provided by the company to verify the source of the substantial amount of cash failing to do so.

It was further revealed that the same amount was then deposited to a bank account opened at the Bank of Ceylon on 18th March 2020, which has been known through relevant documents, and that a substantial amount of cash was also deposited to a company which is related to a political exposed persons (PEP).

Adding on, it was stated that the matter highlighted in the FIU by MMA will be forwarded to Maldives Police Services to look into whether an act of money laundering has taken place, with regards to the transfer of cash, as the Singaporean company which BIG claims to have deposited the money for, cannot be verified by authorities.

Nasheed stated that the case has been forwarded to the Judiciary Committee of the Parliament for further review as well.