Myanmar moved off money laundering watchlist

Inter-governmental body the Financial Action Task Force (FATF) has removed Myanmar from its list of states deemed weak in combating money laundering and terrorist financing, which experts think should make international banks more comfortable doing business with the country. FATF, which counts China, the United States and India as members, released a public statement on […]

Ready to open bank account

The Myanmar economy is set to begin a new era following the commencement of operations by three foreign banks this month The banking industry is bracing for a new era with three foreign banks getting the green light to open branches this month – the first time in half a century. Six other foreign banks, […]

Experts warn on black money flowing into stock market

Care needs to be taken to prevent illegal money flowing through the planned Yangon Stock Exchange, or it risks its reputation as a reliable place to do business, according to experts. The exchange is slated to launch in October, marking Myanmar’s first modern stock market, though a number of rules governing the market are still […]

Experts move against money laundering

The government has formed a committee to combat money laundering in the country, aiming to get off a list of the world’s worst offenders. Experts from 15 different institutions including government ministries as well as the Central Bank and Supreme Court were named to the Anti-Money Laundering Central Board last week. The board’s joint secretary […]

Real estate sector accounts for half of total money inflows

Well over half of all money flowing into the country is being invested in the real estate sector, according to Aye Lwin, joint-secretary of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The joint-secretary revealed this during talks between police in the Financial Investigation Unit and UMFCCI members on the anti-money […]