Three days after coup, Myanmar’s military leader tries to defraud $ 1 billion but failed

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WASHINGTON: Myanmar’s military leader has tried to withdraw more than $ 1 billion from the Federal Reserve in New York City after it seized power from the legitimate government of Aung San Suu Kyi on February 1, 2021. But according to three sources (including a US official), the US Secretary of State has already frozen the money, according to the release of Reuters on March 5, 2021.

The source continued the transaction took place on February 4, 2021, using the name of the remittance to the Central Bank of Myanmar, but was blocked and allowed to operate after approval by President Joe Biden, freezing those amounts legally and also indefinite.

A spokesman for the US Federal Reserve and the US Treasury Department declined to reveal the names of the account holders. Attempts to cover up and not reported immediately after the coup and detained old reform officials by replacing with a new central bank governor.

The Myanmar general has signaled efforts to restrict the broadcast of international sanctions after they arrested several elected officials, including leader Aung San Suu Kyi, accusing her party of falsifying ballots.
A spokesman for the Myanmar military government and central bank officials did not respond, despite repeated calls by Reuters for comment.

The United States, Canada, the European Union and the United Kingdom have further sanctioned and condemned the coup leader, who brutally cracked down on and killed protesters. The United Nations said on Thursday that at least 54 people had been killed since the coup. More than 1,700 people were arrested, including 29 journalists.

On February 10, Joe Biden issued a proclamation imposing new sanctions on coup and their businesses, which ban on the misappropriation of $ 1 billion in funds.

 US officials did not elaborate on the statement, but ordered a money transfer operation into Myanmar’s central bank, which is known to be part of Myanmar’s military government. The order allows for the seizure of assets of the Myanmar military government after their coup.

Two U.S. officials told Reuters the regulation was legally authorized and empowered by the Federal Reserve in New York to hold $ 1 billion in funds indefinitely.

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