The second coordination meeting of Steering Committee on Anti-Money Laundering and Combating Financing of Terrorism was held at the Ministry of Home Affairs yesterday morning, with an opening speech of Committee’s Chairman Vice President U Myint Swe and discussions by member of committees to implement 14 plans adopted in the Asia Pacific Joint Group meeting in Beijing, China.
The meeting was also attended by the Committee’s Vice Chairman Union Minister for Home Affairs Lt-Gen Kyaw Swe, Union Minister for Planning, Finance and Industry U Soe Win, Central Bank of Myanmar Governor U Kyaw Kyaw Maung, Deputy Ministers Maj-Gen Aung Thu and U Sett Aung, Deputy Attoney-General U Win Myint, Central Bank of Myanmar Deputy Governor U Bo Bo Nge, the Chief of Myanmar Police Force, the Directors-General, members of working committees and officials.
Vice President U Myint Swe said the meeting was aimed to support relevant ministries and organizations for their successful implementation in fighting against money laundering and financing of terrorism.
Myanmar became a member of Asia Pacific Group on Money Laundering- APG on 9 March 2006. The successive governments effectively took measures against money laundering and financing of terrorism.
To enforce the measures, the President’s Office formed the nine-member Steering Committee on Anti-Money Laundering and Combating Financing of Terrorism assigned with nine duties led by the Vice President, and the 10-member working committee assigned with nine tasks led by Deputy Minister for Planning, Finance and Industry U Sett Aung on 23 October 2019.
The Steering Committee also formed a five-member Studying and Scrutinizing Committee and a six-member Monitoring and Inspecting Committee on 4 January 2020, with issuing rules to follow inspection process of the committee. The Vice President added the anti-money laundering and financing of terrorism must be implemented as it is included in the objectives of Myanmar Sustainable Development Plan. The Asia Pacific Joint Group meeting recently held in Beijing, China, adopted 14 plans for Myanmar. The Vice President advised all the relevant ministries need to design plans with specific time frames to successfully carry out these plans and to present monthly reports on developments to the Steering Committee, and to organize its meeting once in three months.
The Myanmar National Risk Assessment Executive Summary Report concluded that the country is being affected by money laundering and threats, and the relevant departments and organizations need to fight against illicit trafficking in narcotic drugs, corruption and bribery, environmental crimes and tax evasions.
The Vice President instructed to appoint implementation officers for anti-money laundering and countering the financing of terrorism, while the financial investigation teams are to cooperate with local and international organizations. He continued saying that the relevant committee and departments to enforce the international standard laws, norms and recommendations.
Based on an assessment report on money laundering and financing of terrorism, and reciprocal evaluation report of member countries, the new Anti-Money Laundering Law is expected to release soon.
The Vice President also called the participants at the meeting for their suggestions to implement tasks and 14 plans adopted in the APJG meeting.
Deputy Minister for Planning, Finance and Industry U Sett Aung, the Steering Committee’s Secretary, explained implementation of 14 plans from the APJG meeting. Union Minister U Soe Win discussed managements on confiscated state-property, illegal money transition and illegal currency flows.
Central Bank of Myanmar Governor U Kyaw Kyaw Maung presented banking management and implementation of rules for hundi in trade and credit transition. Deputy Attorney-General U Win Myint, Central Bank of Myanmar Deputy Governor U Bo Bo Nge, Myanmar Police Force Chief Police Lt-Gen Aung Win Oo, Directors-General Daw Tin Nwe Soe, U Chan Aye and U Maung Maung Kyaw briefed on implementations of 14 plans by their organizations.
Vice President U Myint Swe coordinated the discussions before concluding the meeting.—MNA (Translated by Aung Khin)