THE Central Body on Anti-Money Laundering held its first meeting yesterday.
Speaking at the event, Union Minister for Home Affairs Lt- Gen Tun Tun Naung, who is also chairman of the central body, said Myanmar has been included in the list of countries and jurisdictions under increased monitoring (Grey List) by the Financial Action Task Force (FATF) since February 2020. Therefore, the country is implementing its Action Plan with a strong focus on the key points outlined therein. This includes submitting progress reports and participating in face-to-face meetings every four months.
He continued that, to effectively implement the points included in the Action Plan, a task force for combating money laundering and the financing of terrorism has been formed and assigned responsibilities, led by the Governor of the Central Bank of Myanmar. Out of the 15 points in the Action Plan, only six remain to be fully completed at present. Therefore, relevant departments and agencies are urged to work collaboratively to ensure the successful completion of the remaining points.
Moreover, five work committees were also formed to implement the National Strategy (2024-2028), and these committees should draft the Annual Work Plan, submit a progress report once every three months and carry out the Mid-term Review.
Moreover, it is scheduled to undergo the third round of the Mutual Evaluation (ME) process on anti-money laundering and countering the financing of terrorism (AML/CFT) in 2029, the respective committees should begin early preparation and planning for the necessary ME processes. He also highlighted the role of the private sector and the participation of UMFCCI in the central body.
Attendees coordinated the discussion, and the Union minister concluded the meeting. — MNA/KTZH
