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Myanmar Reportedly Set to Be Placed on Global Money-Laundering Watchlist

JAKARTA—Myanmar is set to be placed on a watchlist by a global finance watchdog this week, amid concerns of money laundering by transnational drug traffickers and weak regulation of its financial system, two sources familiar with deliberations said. A decision to put Myanmar on the “gray list” by the Paris-based Financial Action Task Force (FATF) […]

IFC takes stake in Yoma Bank in first for Myanmar

Yoma Bank has become Myanmar’s first commercial lender with a foreign stakeholder following a decision by the International Finance Corporation (IFC) to convert a US$5 million loan into a five percent equity shareholding. The IFC, the investment arm of the World Bank Group, provided the convertible loan package to Yoma Bank in 2014 to help […]

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 […]

Chinese stampede upsets markets

Billions of dollars from opaque sources in China may be flowing into Myanmar each year, causing excessive volatility in areas such as the local real estate market, according to experts. Flows have increased recently as Chinese political and business leaders respond to efforts to curb corruption, causing many to look abroad to store their ill-gotten […]