Real estate sector accounts for half of total money inflows

[DagonKhan]

Real estate sector accounts for half of total money inflows

Well over half of all money flowing into the country is being invested in the real estate sector, according to Aye Lwin, joint-secretary of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

The joint-secretary revealed this during talks between police in the Financial Investigation Unit and UMFCCI members on the anti-money laundering law and anti-terrorism funds law, held at the UMFCCI on Friday.

Aye Lwin said: “The inflow of money into the local real estate market far exceeds 50 per cent of the total inflow. That is to say, low-interest money from neighbouring countries is flowing into domestic banks. Those who manipulate the markets only for the use of bank interest are said to be money launderers. We must take legal action against them.

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