Anti-Money Laundering: Awareness Workshop on AML held in Nay Pyi Taw

The Anti-Corruption Commission office held an awareness workshop on Anti-Money Laundering related to corruption in Nay Pyi Taw on Monday. At the event, Chairman of ACC U Sis Aye gave an opening speech saying that this is the second workshop in which the commission has collaborated with the Financial Intelligence Unit.

Money laundering (ML) involves violating any action on Proceeds of Crime (POC) and transferring, concealing and converting the origin, appearance, location and ownership of funds to make them seem like white money. Money laundering cannot be committed directly; it involves laundering proceeds of crime obtained by committing an original offence.

As law enforcement organizations take action against the original crime, they need to verify whether money laundering has occurred. Providing necessary training to investigators is crucial for improving their work efficiency. It is convinced that lectures on AML given by experts from various ministries will support the enhancement of knowledge on AML for staff and officials from ACC.

Next, Police Lt-Col Myint Soe discussed 40 recommendations of FATF (Financial Action Task Force), Myanmar’s mutual assessment of AML/CFT member countries and technical compliance and effectiveness on 40 recommendations of FATF (Financial Action Task Force). Police Captain Win Naing Tun discussed methodologies of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT).

Deputy Director U Thurain Aung addressed the issue of Parallel Investigation, and Commissioner U Kyaw Win Thein presented the results and recommendations derived from the discussions in the workshop. The workshop concluded after a questions and answers session.