Gold traders are failing to comply with reporting requirements for high-value transactions, with fewer than 10 percent submitting reports, while real estate agents show significantly higher compliance, according to the Director General of the General Administration Department (GAD) under the Ministry of Home Affairs.
The remarks were made during an awareness workshop held at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
The GAD is responsible for overseeing both real estate brokers and precious metal traders as regulatory authorities.
“Currently, compliance is weak. The real estate sector reports in most cases, but in the precious metals sector, it does not even reach 10 percent. This is the situation in Yangon Region. Compliance is very low,” the Director General said.
Authorities have instructed that transactions in real estate and gold trading exceeding designated monetary thresholds must be reported.
“While the real estate market itself cannot be directly controlled, measures are in place in line with Central Bank regulations to report suspicious transactions and payments exceeding the limits set by the Central Bank. Real estate agents are responsible for reporting whenever a transaction they handle exceeds the prescribed amount. Similarly, in the precious metals sector, any transaction exceeding the specified amount must be reported. In addition, even if the amount does not reach the threshold, any suspicious transaction must still be reported,” the Director General added.
