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Burma Closes Two Private Banks


Burma's military government has revoked the licenses of two private banks accused by Washington of money laundering and links to drug dealers.

The Ministry of Finance and Revenue announced late Friday that the licenses of the Asia Wealth Bank and the Myanmar Mayflower Bank had been revoked on Thursday for violation of banking laws.

The announcement did not specify which laws the banks had violated.

The U.S. State Department has accused the banks of laundering drug money.

The statement in Burma said depositors could come to the banks beginning Monday to withdraw their money. It also warned people owing money to the banks to make their payments immediately or face legal action.

Other private and state-owned banks will continue to operate as usual.

Some information for this report provided by AP and Reuters.

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