U.S. Cracks Down on Burmese Money Laundering
Secretary of the Treasury John W. Snow has announced the designation of Burma (Myanmar) and two Burmese banks to be of 'primary money laundering concern' under Section 311 of the USA PATRIOT Act. In conjunction with this designation, Treasury announced a notice of proposed rulemaking that would require U.S. financial institutions to terminate correspondent accounts involving Burmese financial institutions, subject to certain specified exemptions. Correspondent accounts involving the two specific banks that have been designated, Myanmar Mayflower Bank and Asia Wealth Bank, would have to be terminated. The designation of Myanmar Mayflower Bank and Asia Wealth Bank represents the first designation of foreign financial institutions found to be of "primary money laundering concern."