Myanmar government has formed an anti-money laundering central board in a bid to effectively combat money laundering, according to the Ministry of Home Affairs Monday.

The Anti-Money Laundering Central Board was set up with 15 members and chaired by the minister of home affairs with the chief of Police Force as the secretary.

The central body is tasked to formulate policies on anti-money laundering and combating financial support for terrorism.

The central board will cooperate with more international and regional organizations and neighboring countries in fight against money laundering, exchanging information on financial intelligence relating to money laundering, the sources said.

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.