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Property transactions being monitored for money laundering


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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.

Continues here:- http://www.elevenmyanmar.com/index.php?option=com_content&view=article&id=7337:property-transactions-being-monitored-for-money-laundering&catid=44:national&Itemid=384

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