Life in Mon State

BURMESE WAY TO MONEY LAUNDERING

(IMNA: December 16, 2003)

After closure of two main banks: May Flower and Asia Wealth, people who hold black money in these banks can easily withdraw their money by giving bribes to the government departments.

According to the Mon business community, those who have money can also settle business companies and withdraw cash by cooperating with registered business companies and making deals with the government departments.

A Mon businessman said many companies belong to drug dealers withdraw their money after paying 20% of the total cash withdrawn.

The businessman confirmed that the regime has its hand in the money laundering business for drug dealers and illegal business communities by transferring some 'black money' in the government departments, which supplies the State budget.

After the set amount of money is bribed, the drug lords and illegal business communities use their remaining money to buy assets, real estate and properties.

The Mon civilians in the rural communities save money within the community and revered monks' bank accounts. Recently, the banks were crowded with Buddhist monks who have arguments with the bank authorities to withdraw their money.

Two main banks, the May Flower and Asia Wealth are well known for operating businesses from the drug trade since the meeting of Asia Development Bank (ADB), which was held in Chiang Mai, Thailand two years ago.