Myanmar polices remittances to head off money laundering sanctions

Workers are pushed to send foreign currency through formal channels

20241231N Myanmar currency

The kyat has lost much of its value against the dollar since the Myanmar military's 2021 takeover, and foreign currency is in short supply. © AP

Nikkei staff writers

BANGKOK/YANGON -- Myanmar's military government is tightening its monitoring of remittances by migrant workers overseas, both to secure foreign currency and to allay money laundering concerns that could lead to sanctions.

These workers must send home at least 25% of their pay through authorized banking channels. If they fail to do so, both they and their employment agencies risk restrictions on their ability to work.

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