May 11, 2016
Myanmar’s rapidly growing economy will benefit its people but this growth, according to observers, could increase the risk of money laundering in the country.
The Asian Development Bank expects Myanmar’s economy to grow 8.4 per cent this year but if money laundering activities are allowed to go unchecked, this could erode investor confidence.
The real estate sector is projected to continue to do well in a developing country like Myanmar, but the industry is also often used to enable some to transform illegal takings into legitimate money. It would be difficult to find statistics and data on money laundering in Myanmar but its existence can be easily concluded. In Myanmar, many pay for big-ticket items with cash, a practice that makes the money trail hard to follow.