Gold dealers failed to submit reports to the Financial Intelligence Unit (FIU) in June 2024. Therefore, the Federation of Myanmar Gold Entrepreneurs Association (FMGEA) was asked to monitor and supervise them, according to the directive dated 10 July 2024 issued by Real Property Dealers and Precious Gem Dealers Regulatory Authority of the General Administration Department, the Ministry of Home Affairs.
Under Chapter 8 of the Anti-Money Laundering Law, tipping-off agencies must submit reports regularly to the authorities.
According to Chapter IV, Stanza VII (E) and VIII (D) of the directive 2/2022 of the regulatory authority, a suspicious transaction report (STR) for any suspicious transactions detected and a threshold transaction report (TTR) for transactions that exceed a threshold amount defined must be reported to FIU.
Tipping-off agencies submitted 42 reports of the realtors to the FIU in June 2024, but gold dealers failed to do so.
FMGEA was asked to supervise relevant tipping-off organizations (gold dealers) to submit TTR and STR to FIU regularly without fail. — NN/KK
