The Central Bank of Myanmar (CBM) has announced that action is being taken against 20 people who are operating illegal money transferring businesses.
The CBM is cooperating with the members of the Anti-Money Laundering and Anti-Terrorism Financing Task Force: the General Administration Department, Special Investigation Department and Financial Intelligence Unit, to identify the illegal hundi business operators, to carry out awareness activities, to clarify that it is prohibited by law and that action will be taken, to attend compliance training on combating money laundering and terrorism financing and to notify the necessary requirements to apply for an official overseas remittance business license.
The CBM is taking the above actions to eliminate the illegal money transfer business, but if it is found that the illegal money transfer business is still going on, it will send a timely notification to the Ministry of Home Affairs and law enforcement organizations to take action in accordance with the law.
In addition, under the leadership of the Monitoring and Steering Committee on Gold and Currency Market, in collaboration with the Ministry of Home Affairs and law enforcement organizations, interrogating those who reported rumors of hundi operations among businessmen, and verifying the bank accounts and money transfers of these people using the banking system, according to reports submitted by the Information and Security Division of the CBM, if it is found that a person or a company is engaged in illegal money transfer operations, the Ministry of Home Affairs and law enforcement agencies have continued to be notified to take action in accordance with the law.
In cooperation with the General Administration Department, the Special Investigation Department and the Financial Intelligence Unit, they are conducting investigations and prosecutions in accordance with relevant laws. As 99 suspected money transfer and money exchange business operators have been investigated, the Myanmar Police has already opened cases against 20 individuals and taken action against 20 illegal money transfer and money exchange business operators in accordance with the relevant laws.
Among those who have filed a case in the above relevant township courts, nine people who illegally transferred the salaries of Myanmar workers in Thailand, China and Malaysia without obtaining official business licenses, three illegal money transfer providers for the purchase of products and eight people who exchanged money from foreign currency to Myanmar kyats and issued local money transfers were ordered to be sentenced to imprisonment and fines in accordance with the relevant legal provisions.
