US removes sanctions from two Myanmar banks

Last Updated: Wednesday, September 26, 2012 - 22:29

Washington: The US Wednesday lifted sanctions on two Myanmarese banks which eight years ago were identified as financial institutions of primary money laundering concern.

The lifting of sanctions from the two banks Myanmar Mayflower Bank and Asia Wealth Bank came hours ahead of the scheduled meeting between Secretary of State Hillary Clinton and Myanmar President Thein Sein in New York on the sidelines of the UN General Assembly session.

"When the final rule was issued, Myanmar Mayflower Bank and Asia Wealth Bank had been identified as financial institutions of primary money laundering concern, and individuals owning and controlling both banks were determined to be linked with illicit financial activities," the Department of Treasury said.

"Subsequent to FinCEN`s identification of these two banks as financial institutions of primary money laundering concern, the Government of Burma revoked the licenses of both banks. These financial institutions no longer exist and thus pose no further threat to financial systems," the Treasury said.

FinCEN is one of the US Department of Treasury`s lead agencies in the fight against money laundering.

"The Treasury Department looks forward to collaborating with the Government of Burma on mutual issues of concern to combat international money laundering and the financing of terrorism," the statement said.

PTI



First Published: Wednesday, September 26, 2012 - 22:29
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