Myanmar’s Financial Institutions Law of 2016 is one of those tracts that bank legal teams are paid to decipher, the detail of its 185 bombastic sections too turgid for hard-charging CEOs to spend much of their time on.
That was before the February 1 military coup that upended the country’s democracy, economy and banking system.
Since then, as soldiers murder with impunity and the spectre of nationalization hangs over a once-dynamic banking scene, the law has become required reading, a portent of what bank executives may have to confront as the system breaks down amid widespread protests.
The key passages are Sections 93-96, the state’s action when banks don’t comply.
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