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IFC Approves Support for Controversial Tycoon’s Mandalay Cement Project

The World Bank’s private sector lending arm the International Finance Corporation (IFC) has given the go ahead to support a multi-million dollar plan to expand a cement factory in Mandalay Region, operated by the Shwe Taung Conglomerate. The firm’s chairman, Aik Htun, had been alleged by US authorities to have had ties to the drug […]

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 […]