US Treasury slaps Myanmar with new AML legislation


Washington, DC -- The US Department of the Treasury has designated Myanmar, formerly known as Burma, and two Myanmar banks to be of "primary money laundering concern" under Section 311 of the USA Patriot Act.

Treasury secretary John Snow said in a mid-November statement that, in conjunction with this designation, his agency was publishing a notice of proposed rulemaking that would require US financial institutions to terminate correspondent accounts involving Myanmar financial institutions

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