Burma cash scam
The evil men are at it again!! the so called Junta!!
The United Nations has admitted that £5 million of aid intended for Burmese cyclone survivors has been skimmed off by banks run by the country’s military junta. The missing money is likely to have lined the pockets of the ruling generals and their business cronies.
Here is how they do it:
The scam, which is still occurring, involves forcing the UN to buy the local currency, the Kyat, at above the market rate by changing money through government backed Foreign Exchange Certificates (FEC).
A dollar currently buys around K1,100 while a “one dollar” FEC only buys K880.
Here is the defence from the UN:
In New York on Monday, Sir John Holmes, the under-secretary-general for humanitarian affairs, said: “We were arguably a bit slow to recognise… how serious a problem this has become for us.” Urgent steps ARE being taken to address the problem, he said.
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