Myanmar Steps Up Anti-Money Laundering Campaign

by Mary Swire, for LawAndTax-News.com, Hong Kong

07 October 2004

According to reports in the national media, Myanmar is looking to step up its fight against money laundering and financial crime.

Under the current law, which was put in place in June 2002, financial institutions and service providers such as banks are required to report their clients' fiscal activities to the Central Control Board, with particular emphasis on the reporting of transactions exceeding 100 million kyats ($100,000) and any other suspicious account activities.

However, no suspected laundering activity has so far been uncovered, despite the fact that the board has monitored over 2,000 reports on cash and property transactions, according to a police official of the International Relations Department of the Home Ministry, who spoke to the Myanmar Times this week.

New measures introduced to address this state of affairs have included the provision of additional training to officials from more than 20 state and private banks in Yangon and Mandalay on spotting and countering money laundering and terrorist financing activity. This training will soon be conducted in other states and divisions, the official told the local newspaper.

In addition, the government has established an eight-member investigation body under the Central Control Board, which has been tasked with launching a probe into matters connected to the laundering of money and property obtained by illegal means.

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