The Myanmar Real Estate Services Association (MRESA) recently met with international anti-money laundering organisations to discuss the ill-gotten funds that are reportedly laundered through the property sector, said U Than Oo, vice chair of the industry body.
“We are warning real estate agents to stay away from transactions involving money laundering,” he said.
Last August, the Financial Intelligence Unit (FIU) which was set up to combat money laundering, asked estate agents to report all sales worth more than K100 million.
According to Myanmar law, any real estate transaction is legal as long as the buyer pays 30 percent tax. A new anti-money laundering law is still at the draft stage.