Real estate agents in Myanmar have to report land and property sales and purchases that exceed MMK 100 million (about US $100,000) as authorities increase efforts to trace the source of incoming funds to crackdown on money laundering, reports The Nation.
Recent reports from Myanmar’s Chamber of Commerce and Industry indicate that over half of the incoming foreign money is being invested in Myanmar’s real-estate sector. The Financial Intelligence Unit is attempting to trace and investigate the source of the funds because of suspicions that the money is “black money” derived from criminal activities.
The Thailand land purchase attorneys at Chaninat and Leeds have assisted investors, businesses, residents, and retirees with land and property sales and purchases in Thailand since 1997.
According to The Nation, Colonel Kyaw Thein Win, deputy chief of the FIU, said it was difficult to trace money entering the market because there are many unlicensed real-estate agents in Myanmar.
Read the full story here and here.
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