Featured Myanmar

Criminals increasingly targeting EU green funds, says anti-fraud agency

Fraudsters in Europe are increasingly targeting European Union funds intended for environmental and sustainable projects. It came as the bloc planned to unlock €1 trillion in green investments over the coming years. In its latest report released on Thursday, the European Anti-Fraud Office (OLAF) said that it concluded 181 investigations… Read More

Russia to hit UK with retaliatory sanctions after Raab announces Magnitsky Act-style measures

The Kremlin has said it will impose retaliatory sanctions on the UK after Dominic Raab announced Magnitsky Act-style measures against individuals in Russia, Saudi Arabia, Myanmar and North Korea. Britain’s post-Brexit sanctions, which are designed to stop the laundering of “blood money”, targeted 20 Saudis and 25… Read More

UK imposes sanctions against human rights abusers

The UK is imposing sanctions on 49 people and organisations behind the most “notorious” human rights abuses of recent years. Individuals implicated in the death of Russian lawyer Sergei Magnitsky in 2009 will have their UK assets frozen and banned from entering the country. And Saudi Arabian officials involved in… Read More
26th June 2020
AP — Police in Thailand say they have broken up a money-laundering ring that transferred a total of 10 billion baht ($323 million), much of it linked to drug trafficking. A Chinese businessman arrested in Bangkok, Qaing Ma, is believed to be a key figure in the operation, police Maj. Read More
10th June 2020
Myanmar traders in northern Shan state said Tuesday that their cross-border business has been stymied by Chinese authorities who abruptly froze bank accounts at Chinese financial institutions after suspecting that some of their clients had engaged in illegal activities in Yunnan province. Many Myanmar traders have Chinese bank accounts to… Read More
22nd May 2020
The Yangon Stock Exchange (YSX) and six securities companies were requested by the regulator to beef up their compliance and disclosure in line with its anti-money laundering regulations. The Securities and Exchange Commission (SECM), in a May 18 announcement, identified “insufficient information collection and reporting procedures” for both the bourse… Read More
18th May 2020
Illicit drug markets in the Asia-Pacific continue to expand and diversify and appear to be largely unaffected by the coronavirus outbreak, the United Nations said on Friday. The production of methamphetamine, the most popular drug in the region, continues to hit record highs while prices fall to new lows in… Read More
7th May 2020
The European Commission aims to intensify its scrutiny of states posing money-laundering risks, and is looking into creating a new body to help police financial crime and monitor banks more strictly, draft documents seen by Reuters show. One document, expected to be published on Thursday, adds Panama and other countries… Read More
10th April 2020
A lawyer representing a Myanmar businessman on Thursday threatened to file a complaint against a team of highway police for allegedly abusing their authority and illegally detaining two Myanmar suspects who were arrested for smuggling Thai currency into the country without declaring it to customs. Ananchai Chaidej, who represents an… Read More
24th March 2020
The Central Bank of Myanmar (CBM) says it withdrew the licence of Asia Yangon Bank Ltd (AYB) due to uncertainty over its source of capital funding. Last Tuesday, the central bank announced the revocation of AYB’s banking licence without elaborating on the reasons for the move. On Sunday, the central… Read More
20th March 2020
Late last month, the Financial Action Task Force (FATF), a global money laundering watchdog, put Myanmar on its ‘grey list’ of countries that need to do more to combat illegal finance operations. As the FATF is an intergovernmental organization that sets standards and works with authorities to reduce… Read More
4th March 2020
The government says it lacks the mechanisms to force companies to disclose ownership information through a public registry, which are part of recent measures to clean up corruption in the extractive industry. Myanmar’s Extractive Industries Transparency Initiative (EITI) unit, a government body under the finance ministry, held a press conference… Read More
27th February 2020
Real estate agents will undergo training to help them spot attempts at money laundering after an intergovernmental financial task force cited Myanmar for failing to address the crime. U Tin Maung, chair of the Myanmar Real Property Development Association, said the training on financial laws relating to property transactions will… Read More