Combating money laundering & terrorism: Central Body on Anti-Money Laundering holds meeting 2/2022

Myanmar is making efforts to eliminate financial assistance to money laundering and terrorism but there are still weaknesses and requirements, said by member of the State Administration Council, Union Minister for Home Affairs Lt-Gen Soe Htut at the meeting 2/2022 of the Central Body on Anti-Money Laundering held at the Myanmar Police Force in Nay Pyi Taw on Monday.

The Union Minister for Home Affairs in his capacity as Chairman of the Central Body also stressed on better understanding the money laundering risks related with companies including narcotic drugs, corruption and cross-border smugglings, conducting field/office audits on the possibility risk of money laundering in business and vocational tasks, more supervising on hundi businesses, boosting cooperation with internationals, identifying more suspicious reports of money laundering, effective action against those who commit money laundering and nationalizing the committed financial assets and combating the financial provision to the proliferation of mass destruction weapons.

The Union Minister also added that in February 2020, the Financial Action Task Force -FATF added Myanmar to the list of countries and regions (Grey List) that will be monitored for progress. Regarding this matter, the progress report was sent to the Asia Pacific Joint Group (APJG) about the country's implementations every 4 months.

As a result of the efforts, progress has been achieved in some of FATF's recommendations. He also said that the FATF urged to complete investigations into money laundering, lawsuits, plan to be implemented including confiscation of assets in October 2022.

Members of the central Body and attendees discussed matters on eliminating of financial assistance for money laundering and terrorism in respective sectors. The meeting then ended with concluding remark by the Union Minister.