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Myanmar Intensifies Combat on Money Laundering
Source: news.xinhuanet.com
Source Date: Saturday, August 23, 2014
Focus: ICT for MDGs
Country: Myanmar
Created: Aug 26, 2014

 

Myanmar authorities are expanding its process in combating money laundering cases through pilot projects to collect data on money laundering sectors nationwide.

 

In a bid to monitor money laundering cases, formulate policies on anti-money laundering and to combat financial support for terrorism, the 15-member Anti-Money Laundering Central Board was set up and it is chaired by the minister of home affairs with the chief of Police Force as the secretary.

 

Myanmar will require expertise and technical aids from international organizations such as International Monetary Fund ( IMF) and World Bank (WB)in fight against money laundering, exchanging information on financial intelligence relating to money laundering, an official told a seminar on the anti-money laundering law held here on Friday.

 

Experts from the international monetary organizations will arrive in Myanmar next month and have discussion with Myanmar side.

 

Over 70 cases were exposed in 12 years from 2003 to present, amounting to nearly 200 million U.S. dollars mostly from drug related cases.

 

Meanwhile, Myanmar enacted the new Anti-Money Laundering Law in March this year.

 

According to earlier reports, Myanmar has so far cooperated with Thailand, Indonesia and Australia in combating money laundering and financial terrorism.

 

In 2006, Myanmar became the member of the Asia/Pacific Group on Money Laundering (APG).

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