The Central Bank of Myanmar announced on January 14 that it would step up measures to take effective action against individuals and organizations that intentionally buy, sell, and exchange foreign currencies without an authorized license.
The Central Bank is working together with law enforcement agencies to interrogate those who have been notorious about illegal money transferring business as well as to be able to take action against them through scrutinizing transactions of using their banking accounts, the announcement said.
Currently, 26 individuals suspected of buying, selling, and exchanging foreign currencies illegally have been scrutinized, and the Myanmar Police Force has opened cases against nine individuals and has filed charges against six more in relevant township courts in accordance with existing laws, the announcement said.
In addition, 12 Facebook groups, five Facebook pages and 10 individuals that are illegally buying, selling, and exchanging foreign currencies through social media platforms are being investigated to be able to take action against them in accordance with procedures, the announcement said.
