29 July

The Central Body on Anti-Money Laundering held the meeting 1/2020 at the Ministry of Home Affairs in Nay Pyi Taw yesterday afternoon.

At the meeting, the Union Minister for Home Affairs Lieutenant General Soe Htut, in his capacity as Chairman of the Central Body on Anti-Money Laundering, said that they are implementing the National Strategy on Anti-money Laundering and Countering the Financing of Terrorism (2019-2023). Based on reports of committees in the five strategic areas, the report on the activities carried out in 2019, the first year of the project, was published on 29 January 2020.

The central body completed 27.27 per cent of the five-year project in 2019. A total of 34 ordinances or directives were issued by the President’s Office, the Union Government, the Leading Committee, the Supreme Court of the Union, the Central Body on Anti-Money Laundering, the Central Committee for Counter Terrorism, relevant ministries, the Central Bank of Myanmar, and the Myanmar Financial Intelligence Unit, according to the Union Minister for Home Affairs.

Myanmar is among nations which were placed on the list “Jurisdictions under increased monitoring” by the Financial Action Task Force (FATF) on February 2020. To implement the recommendations made by the FATF, an “action plan” was drawn up and implemented, said the Union Minister.

The anti-money laundering body has cooperated with the relevant authorities in order to set up registration systems for organizations related to “Designated Non-Financial Businesses and Professions”. The Union Minister also urged all stakeholders to cooperate in the attempt to be removed from the grey list “Jurisdictions under increased monitoring”, and invited suggestions from the attendees.

Secretary of the Central Body on Anti-Money Laundering Police Lieutenant-General Aung Win Oo explained the implementation for the decisions of the previous meeting 2/2019, and the ongoing cases under the Anti-Money Laundering Law. Joint Secretary acting Police Brig-Gen Tin Aung Win (Anti-Financial Crime Division) explained the reports submitted by the five implementation and supervising committees on the national strategy, followed by discussions and suggestions of the attendees. 

MNA  (Translated by Maung Maung Swe)