12 November 2021, Nay Pyi Taw
The Coordination Meeting of the Supervisory Committee on the Anti-Money Laundering and Counter Financing of Terrorism (National Strategy (1)) was held at the meeting room of the Ministry of Legal Affairs at 10 a.m. on 12th November.
U San Lwin, the Deputy Minister and Deputy Attorney General, as well as Chairperson of the Supervisory Committee on the Anti-money Laundering and Counter Financing of Terrorism, Director General U Kyaw Kyaw Naing, Secretary of the Committee, and representatives from the Ministry of Home Affairs, Myanmar Police Force, Bureau of Special Investigation, Financial Crime Prevention Police Force, the Ministry of Investment and Foreign Economic Relations, Financial Supervision and Investigation Department, the Ministry of Planning and Finance, the Ministry of Natural Resources and Environmental Conservation, the Central Bank of Myanmar and the Anti-Corruption Commission who are the members of the Committee attended the meeting.
In the meeting, U San Lwin, the Chairperson of the Committee, addressed that the meetings of the Committee could not be held due to the outbreak of Covid 19 disease and other circumstances during his tenure but the report was sent to the Central Board of Anti-Money Laundering by mail once every four months; there are 10 action plans to be implemented according to the National Strategy (l) during 2021 and 50% of them have been completed; due to the effort of the Committee’s members, progress reports have been submitted to the APJG since 2018 to remove Myanmar from the FATF watchlist; Myanmar implemented 23 out of the 40 FATF recommendations by 2021; he urged the members to implement the remaining two matters to be carried out in 2021 on time according to the National Strategy (1): the matter on information and transparency relating to legal person, companies and Beneficial Ownership, and the matter on reducing the risks relating to the money laundering and financing of terrorism caused by illegal remittance, and to implement other remaining matters completely. After that, the Secretary explained about the performances of the Committee.
In the meeting, attendees discussed the remaining matters bf amending the Anti-Money Laundering Law/Rules, the Anti-Corruption Rules, the Counter Terrorism Law/Rules, the Wildlife Conservation Rules, the Income Tax and Customs Law and the Gambling Law in the relevant sectors according to the National Strategy (1) to improve policies and directives on and legal frameworks for Anti-Money Laundering, Terrorism and Financing of Terrorism in accordance with international standards in order to avoid the risks, and the matters of reducing the risks relating to the money laundering and financing of terrorism caused by illegal remittance, and information and transparency relating to legal person, companies and Beneficial Ownership in order to implement them on time.
(MOLA ‘s News)