Rules to control hundi businesses enforced: CBM

Rules to curb ‘hundi’, an informal money transfer system, will come into force, said Daw Than Than Swe, governor of the Central Bank of Myanmar, highlighting that at a meeting of the Anti-money laundering and counter-terrorism financing task force.
She encouraged formal and informal international cooperation that is integral during the interrogation of cross-border money-laundering cases.
The governor met operators running hundi in Tachilek and Muse cities without inward remittance licences and called for them to seek a licence to undertake legitimate transfers. Some private banks also notified that they will add another contribution to this government’s additional subsidy of K30 per dollar (an equivalent amount of foreign currency) for the salary transferred by Myanmar citizens abroad.—TWA/EMM