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YANGON, Myanmar (AP) - Two private banks in Myanmar accused by the United States of money laundering and links to drug traffickers have been ordered closed by the government for violating banking laws, the finance ministry said.
In an announcement Friday night on state television, the Ministry of Finance and Revenue said the licenses of the Asia Wealth Bank and the Myanmar Mayflower Bank had been revoked.
"It was found that these two banks have not strictly followed the banking regulations, thus their licenses were revoked effective March 31," said the announcement. It did not specify what the violations were.
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