Questionable bank accounts to be frozen and nationalized

Temporary deposit and withdrawal bans and permanent account closure are being conducted for suspicious accounts of bank contacts, stated the Myanmar Banks Association.
Suspicious information about people communicating with the bank, regarding money laundering, violence and financial support which was requested by the financial intelligence unit through the Central Bank of Myanmar, was presented promptly by members of the Myanmar Banks Association. According to the statement, it is learnt that reporting additional information requested from law enforcement and the CBM, prohibiting temporary deposits and withdrawals from the bank accounts of suspicious bank contacts, and permanent account closure to those accounts according to instructions of the financial intelligence unit and the CBM, were being conducted.
In addition, it issued that cases of closing doubtable accounts and to be kept as national property were handed over to the state according to the decision of the court.
In late September, nine private banks were examined whether they comply with the standards on money laundering and combating the financing of terrorism (AML/CFT) as recommended by the Financial Action Task Force-FATF. — TWA/GNLM