Anti-Money Laundering : Action taken for failing to return export earnings

The government has announced on Friday that several export companies failed to return the required export earnings to the country after exporting more than USD 60 million worth of beans and pulses between 2022 and 2024.

Investigations found that Maha Nadi International Co., Ltd. exported over 42 million UD dollar worth of beans but did not return more than 40 million UD dollar to the country. Likewise, the RK Shipping and Trading Co., Ltd. exported 5.5 million US dollar worth but failed to return over 2 million US dollar.

Using the name Taw Thar Gyi Co., Ltd., 10 million US dollar worth of beans were exported, with 9.3 million US dollar still unpaid. And also, 1.6 million US dollar worth of beans were exported under the name of Ocean Lion King Co., Ltd., which also has unpaid earnings.

Authorities also found that after his export licenses were revoked, U Ye Min Lwin, one of the Director of Maha Nadi International Co,. Ltd. used an online Viber group of the Pulses, Beans, and Sesame Traders Association to abuse and threaten association officials.

It is reported that four individuals have been arrested, while four others are on the run. Legal action will be taken for not returning export earnings, hiding funds, and making threats. In addition, their assets may be seized under the Anti–Money Laundering Law. More companies that fail to return export earnings will also face action.