Authorities will take measures to prevent money laundering in dealing with property market in Taninthayi Region, according to Myanmar Real Estate Association (Myeik branch office).
An authoritative body will be formed to be tasked with making real estate services in the region legal by issuing smart licenses.
"In the notification dated November 14 issued by the President Office over anti-money laundering, authoritative bodies must be formed to supervise Myanmar's real estate services. Under such a directive, we will form a body. Real estate agencies must operate holding smart cards we will issue. We will be able to intervene if there is a conflict over real estate service," said Myo Aung, chairman of Myanmar Real Estate Association (Myeik branch office).
Myeik Township has over 40 members, some of which are operating illegally.
"Real estate agencies may face action if they violate rules and disciplines. So there will be differences those running legally and those running illegally. We will call in illegal agencies to make them legal. We will form a supervisory body in line with the rules and disciplines issued by Myanmar Real Estate Association (Central)," Myo Win said.
