Asia Wealth Bank

{{Short description|Bank in Myanmar}}

{{Infobox company

| name = Asia Wealth Bank

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| native_name = {{lang|my|အာရှဓနဘဏ်}}

| native_name_lang = my

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| industry = Banking

| founded = {{start date|1994}}

| defunct = {{end date|2005}}

| fate = Dissolved

| founder = Eike Htun

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| hq_location_city = Yangon

| hq_location_country = Myanmar

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| parent = Olympic Construction Group

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Asia Wealth Bank ({{langx|my|အာရှဓနဘဏ်}}) was a Myanmar bank that was found to be of primary money laundering concern by the US Secretary of Treasury.{{cite web |url=http://www.fincen.gov/statutes_regs/patriot/section311.html |title=USA Patriot Act: Section 311 |publisher=Fincen.gov |date= |accessdate=2013-10-07 |archive-url=https://web.archive.org/web/20131004213105/http://www.fincen.gov/statutes_regs/patriot/section311.html |archive-date=2013-10-04 |url-status=dead }} The bank license was subsequently revoked by the Government of Myanmar in the banking crisis in 2003. The bank is a sister company of the former Olympic Construction Group which is renamed as Shwe Taung Group in 2004 after the banking scandal.{{cite web |url=http://www2.irrawaddy.org/article.php?art_id=1923 |title=Burmese Tycoons Part I |publisher=.irrawaddy.org |date= |accessdate=2013-10-07 |archive-date=2011-05-17 |archive-url=https://web.archive.org/web/20110517084239/http://www.irrawaddy.org/article.php?art_id=1923 |url-status=dead }}{{cite web|url=http://www.burmapartnership.org/wp-content/uploads/2011/06/The-Regime_s-Cronies-List-June-27_-2011_-Final.pdf |archive-url=https://web.archive.org/web/20131004212931/http://www.burmapartnership.org/wp-content/uploads/2011/06/The-Regime_s-Cronies-List-June-27_-2011_-Final.pdf |url-status=usurped |archive-date=October 4, 2013 |title=Partial List of Cronies Who Provide Political and Financial Support for Burma's Ruling Regime |author=Aung Din, U.S. Campaign for Burma |date=June 2011 |website=Burmapartnership.org |accessdate=2017-06-16}}

The US Secretary of Treasury designated Asia Wealth Bank as financial institutions of primary money laundering concern {{cite web|url=http://www.fincen.gov/statutes_regs/patriot/pdf/311_burmese_banks.pdf |title=Archived copy |accessdate=2013-10-01 |url-status=dead |archiveurl=https://web.archive.org/web/20131004220051/http://www.fincen.gov/statutes_regs/patriot/pdf/311_burmese_banks.pdf |archivedate=2013-10-04 }} and the department report notes that the Asia Wealth bank have been linked to narcotics trafficking organizations in Southeast Asia.{{cite web |url=http://www2.irrawaddy.org/research_show.php?art_id=487 |title=Money Laundering in Burma |publisher=.irrawaddy.org |date= |accessdate=2013-10-07 |archive-url=https://web.archive.org/web/20150417084509/http://www2.irrawaddy.org/research_show.php?art_id=487 |archive-date=2015-04-17 |url-status=dead }} This findings by the US treasury is only rescinded the against the bank in 2012 as the results of the revocation of the bank licenses by the government of Myanmar, not because of remedial actions by the bank.{{cite web|url=http://www.gpo.gov/fdsys/pkg/FR-2012-10-01/pdf/2012-23995.pdf |title=Archived copy |accessdate=2013-10-01 |url-status=dead |archiveurl=https://web.archive.org/web/20131004215856/http://www.gpo.gov/fdsys/pkg/FR-2012-10-01/pdf/2012-23995.pdf |archivedate=2013-10-04 }}