The Myanmar military council-controlled Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) has warned companies not to provide financial and material support to revolutionary forces. The military council has ordered all companies operating in Myanmar to submit their bank account details and actual residential addresses to military-controlled ministries, threatening legal action under money laundering and terrorism laws for non-compliance.
According to the military council’s directive, companies must submit to the registrar their bank accounts, police verification of company office addresses, directors’ residential addresses with police verification, relevant documentation for foreigners, and police-verified addresses of company stakeholders. Additionally, companies must immediately notify the registrar with supporting documents of any changes in company matters, including changes in ownership and directorship, share transfers, and resignations.
UMFCCI Chairman U Aung Win has warned business companies against making any donations or providing supplies to revolutionary forces. A business person from UMFCCI revealed that the military council is conducting strict inspections to collect taxes and prevent companies from providing financial support to revolutionary groups. The source also disclosed that companies are finding it increasingly difficult to operate and are becoming disillusioned with the military council, while the UMFCCI Chairman continues to follow the military council’s directives. Companies are required to comply with laws, regulations, directives, and procedures set by relevant ministries and departments, with the military council threatening to take action against any violations and conduct investigations related to money laundering and terrorism financing.
