Authorities had taken action on more than 50 individuals in some gold shops in Yangon and Mandalay and a company that were involved in illegal money transferring services and manipulating exchange rate, announced the Central Bank of Myanmar (CBM) on June 23.
Monitoring and inspection team and ground field inspection team supervised by the Gold and Currency Market Monitoring and Enforcement Committee had taken action on people for providing illegal money transferring services and manipulating exchange rate during June.
They visited gold shops and gold refineries in Mandalay and took action on them if they found suspicious evidence of foreign and illegal remittances.
In addition, the statement stated that 51 individuals and a company, which have been found suspicious evidence of conducting money transfer business without overseas remittance business license and mobile financial service business license, are being taken in accordance with the relevant laws.
Authorities are preparing to take action against individuals and two companies, which have been found to have suspicious evidence of illegal money transfers for online gambling on the Internet and social media and accepting money transfers, in accordance with relevant laws.
In addition to taking such actions, the authorities will inquire about people who are manipulating exchange rate to gain profit, providing illegal foreign exchange services, and illegal money transferring services and action will be taken in accordance with the Anti-Money Laundering Law and Foreign Exchange Management Law and related provisions, according to the relevant departments.
