Two Burmese banks suspend activities as money laundering inquiry begins

DVB ( December 11 )

Banking services of Asia Wealth Bank and May Flower Bank have been suspended since the SPDC (State Peace and Development Council) military government began investigation into money laundering allegations on 5 December.

When DVB contacted Asia Wealth Bank Head Office, a responsible bank official gave the following confirmation:

Bank official : We have been instructed to assist in the investigation. We are inspecting the banking activities and auditing the accounts.

DVB : In recent days, does the bank continue to engage in banking activities like accepting deposits, giving out withdrawals, and transferring money?

Bank official : Currently, during the inspection and auditing period which is said to be at most three months, the bank has suspended all such banking activities.

DVB : We heard that the same is true for May Flower Bank too. What did you hear?

Bank official : Yes. I feel it would be in a similar situation but I cannot be certain. I think it would be appropriate to ask that bank.

It has been learned that the SPDC investigation body will investigate whether the money is laundered or not for those who have more than 30m kyat (about 4,800,000 US dollars) deposited at Asia Wealth Bank and May Flower Bank.

At present, customers who have deposited their money at Asia Wealth Bank and May Flower Bank are facing a dilemma because they cannot take out all their money from the banks and at the same time they are liable to be questioned.

Furthermore, as they cannot send or transfer money through the banks, traders at various border trade stations are facing great difficulties.

(BBC Monitoring Service)