CBM declares crackdown on forex market manipulators, illegal hundi business operators in Yangon, Mandalay

Under the guidance of the Monitoring and Steering Committee on Gold and Currency Market, the Central Bank of Myanmar clamped down on the foreign exchange market manipulators and illegal hundi money transfer service operators in Yangon and Mandalay cities, according to its notification on 23 June.
The monitoring task force and on-ground task force intensified crackdowns on those grey market players in big cities Yangon and Mandalay this month.
The task force made inspections at the gold shops and refineries in Mandalay. Some were found doing illegal money transfer businesses with solid proofs so they will face prosecution under the existing laws, according to the statement.
Furthermore, hundi business operators without the relevant licence and digital money service providers without licences were allegedly found. Those 51 individuals and one company will face actions under the existing laws.
Afterwards, those operators and two companies were found providing illegal money transfer services for online gambling and will be prosecuted under the existing laws.
Inspection and prosecution against those unscrupulous traders who intend to interfere with the free and fair operation of the market and are involved in illegal foreign currency holding and illegal money transfer businesses will be carried out under the Foreign Exchange Management Law and the related laws. — NN/EM