EU puts Myanmar on money-laundering blacklist

The European Commission has added Myanmar to its list of states that pose high risks to the bloc’s financial system today (May 7) because of anti-money laundering and terrorism financing deficiencies. Cambodia, Barbados, Botswana, Ghana, Jamaica, Mongolia, Nicaragua and Zimbabwe are also included in the latest EU listing. Laos, Bosnia-Herzegovina, Ethiopia, Guyana, Sri Lanka and […]

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) […]

Myanmar looks to legalize its informal economy

Myanmar aims to mobilize funds hidden in its vast informal economy through a tax amnesty, a controversial bid to galvanize new investment and business activity in the nation’s stalling economy. The “reduced tax rates for undeclared income” scheme, part of the recently approved Union Tax Law, entered into force this month, slashing prevailing 15-30% tax […]

Ex-MP warns of possible corruption in Yangon development projects

It is crucial that land development projects carried out by the Yangon City Development Committee go ahead only after rigorous verifications regarding tax evasions and money laundering, said former MP Dr Nyo Nyo Thin. She said current MPs lacks a full understanding of legal and regulatory processes that city development projects require. “It must all […]

Myanmar at risk of money laundering as economy grows: Observers

YANGON: Myanmar’s rapidly growing economy will benefit its people but this growth, according to observers, could increase the risk of money laundering in the country. The Asian Development Bank expects Myanmar’s economy to grow 8.4 per cent this year but if money laundering activities are allowed to go unchecked, this could erode investor confidence. The […]

Almost US$20 billion in dirty money left Myanmar in five decades – researchers

KUALA LUMPUR (Thomson Reuters Foundation) – Almost US$20 billion (13 billion pounds) in dirty money linked to corruption, crime and tax evasion has left Myanmar in the past five decades, slashing government revenue and driving a thriving underground economy, a money-laundering watchdog said on Wednesday. Fraudulent invoicing of trade deals and physical smuggling of drugs, […]

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 […]

Private Banks need to prove they are clean as only 12 out of 22 in the top taxpayers list

Of the 22 private banks in Myanmar, only 12 have been listed as top taxpayers, according to the Ministry of Finance and Revenue. According to documents covering the 2011-2012 fiscal year, only 10 private banks are included on the official top 100 income taxpayers list. Only 12 private banks are included on the official top […]

Property prices skyrocket due to speculation and laundering

The most widely heard analysis is that Myanmar’s real estate and property market has been gradually rising based on two genuine factors. One is the growing demand for housing due to ever increasing population in urban areas and the other is the government’s urban expansion and development of low-cost housing projects. This generally ignores another […]

Standard Chartered Bank holds first anti-money laundering workshop in Myanmar

YANGON—The UK’s Standard Chartered Bank confirmed today that it recently held the first in a series of joint workshops aimed at helping Myanmar tackle the global issue of money laundering and enhance the country’s efforts to re-integrate with the global financial system. Prudential, a UK-based financial services company, co-organised the workshop in partnership with the […]