Hot! Dirty Money: Crackdown on Money Laundering in Myanmar Real Estate

Yellow HouseMyanmar’s real estate industry is booming, but concerns over money laundering have prompted authorities to investigate the source of funds being used to make land and property purchases, reports The Nation.

According to Aye Lwin, joint-secretary of Myanmar’s Chamber of Commerce and Industry, over half of all foreign money flowing into Myanmar is being invested into the real-estate sector.

Due to the massive inflow of funds into Myanmar, and in an effort to trace the source of “black money” (money thought to be derived from criminal activities), the Financial Intelligence Unit is requiring real estate agents to report “sales and purchases of land and property worth more than MMK 100 million (about US $100,000)”, according to The Nation.

Myanmar’s parliament passed an anti-money laundering law in March 2014 in response to Myanmar’s growing economy and increased inflow of funds from unknown sources, reports Radio Free Asia.

“We will investigate that amount of money [that exceeds 100 million kyat]—whether it is money-laundering or a bid to evade taxes,” said Soe Myaing, joint secretary of the newly set up Central Committee for Anti-Money Laundering, according to RFA.

Read the full story here and here.

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