Real Estate Agents roped in to help tackle money laundering in Myanmar

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According to the chair of the Myanmar Real Property Development Association, training of property brokers on money laundering have always focused on farmland, taxation and construction and none has addressed the real estate, which is why real estate agents are compelled to undergo training on money laundering so that they will be able to identify potential threats. He further said that real estate agents need to know the laws related to money laundering, and the government has also urged the sector to strive in order to help in the fight against money laundering.

U Wunna Soe, director of Phoe Lamin estate agency said that “Our anti-money laundering law specifies that property brokers must be knowledgeable of its provision’ and that the training will hold in Mandalay, Nay Pyi Taw and Yangon. The Financial Action Task Force (FATF) based in Paris has on Friday, added Myanmar to its ‘gray list” due to failure in stopping money laundering. The action implies that its financial activities would be monitored more thoroughly and could affect the firm chance to get loans from international financial institutions. Illegal jade mining, logging, production of synthetic drugs are currently major problems in the country.