Property transactions being monitored for money laundering

Property transactions being monitored for money laundering

Sales and purchases of land and property worth more than Ks 100 million (about US$100,000) must be reported to the financial intelligence unit (FIU) following signs that a massive inflow of money derived from criminal activities – so-called “black money” – is flowing into the country’s real-estate market, industry executives say.

Colonel Kyaw Thein Win, deputy chief of the FIU, said it was difficult to trace money entering the market because there are many unlicenced real-estate agents in Myanmar and the association governing them lacks the powers to police its members that similar associations have in other countries.

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