Central Body on Anti-Money Laundering holds 2/2022 meeting

There are still weaknesses although the country is accelerating the processes of combatting money laundering and terrorist financing, said Member of the State Administration Council Union Minister for Home Affairs Lt-Gen Soe Htut, Chairman of the Central Body on Anti-Money Laundering during the 2/2022 meeting yesterday.
He continued that it should understand the risks of money laundering regarding drug cases, corruption, and smuggling at border and companies. It should conduct field study/court heard processes for non-financial businesses and professions.
It needs to supervise the Hundis, promote international cooperation, work with legal organizations, uncover the suspected cases, promote the investigation of financial status in criminal cases, take actions against the prominent money launderers, accelerate the action to nationalize the possessions, keep the money and property well until the order is passed to nationalize and combat the terrorist financing and proliferation financing related to weapons of mass destruction.
He said the Financial Action Task Force–FATF put Myanmar on the Grey List in February 2020. Therefore, the report on the progress of the country was sent to the Asia Pacific Joint Group–APJG once every four months. The country participated in the meetings and sent successive signs of progress to the Asia-Pacific Group on Money Laundering-APG once a year to promote the standards on low-standard recommendations.
For such efforts, the country received better points in some recommendations of FATF. It has already sent the activities to APJG six times. The first report included the growths of 15 plans and it sent the progress of 11 plans starting the fifth report.
The FATF urged Myanmar to accomplish the work plans including the investigation of money laundering, prosecution and nationalization in October 2022, he added.
Then those present at the meeting coordinated the discussion and the Union Minister concluded the meeting. — MNA