Asia-Pacific Joint Group-AP JG holds its plenary meeting virtually

The meeting on the assessment of the Asia-Pacific Joint Group (AP JG) was held to discuss the progress of Myanmar’s Anti-Money Laundering and Countering the Financing of Terrorism-AML/CFT at the Central Bank of Myanmar via videoconferencing at 2:30 pm on 23 August.
The meeting was attended by officials from the Financial Action Task Force-FATF and Asia Pacific Group-APG, representatives from the AP JG member countries, Governor of the Central Bank of Myanmar Daw Than Than Swe, representatives from the Ministry of Legal Affairs, Anti-Corruption Commission, Myanmar Police Force, General Administration Department, Bureau of Special Investigation, Directorate of the Investment and Company Administration, Union Supreme Court, the Ministry of Planning and Finance, Internal Revenue Department, Customs Department, Department of Forest, Myanma Gems Enterprise and Financial Investigation Force.
Co-chair of the AP JG, Mr Yogpal Singh who is a citizen of India and Governor Daw Than Than Swe of the Central Bank of Myanmar gave their opening speeches at the meeting. During the meeting, the following issues are mutually discussed regarding Myanmar’s AML/CFT progress: performing an evidence-based and systematic approach to the risk of loss related to money laundering; reducing the risks of loss; taking a systematic approach to supervising activities by changing and appointing new supervisory authorities who can take full action against company organizations according to relevant sectors; ensuring full disclosure during investigations and seizures by law enforcement agencies; drafting about the material management by the Law Drafting Committee; combating the financing of terrorism; advancing of awareness-raising related to counter-terrorism financing and the spread of weapons of mass destruction in accordance with UN Security Council resolutions and the field inspection of compliance of banks and financial institutions.
On the Myanmar side, the weaknesses in the Action Plan recommended by the FATF have been fully prepared. Thus, they requested the AP JG to increase the level of compliance to a large scale. —MNA