Anti-Money Laundering Watchdog Formed

Myanmar now has an anti-money laundering watchdog charged by the government with investigating and prosecuting individuals and businesses suspected of illegally processing cash, a report said.

The 15-member Anti-Money Laundering Central Board was formed at the end of August and will be led by the Home Affairs Ministry, said Eleven Media quoting a government statement.

Its members include the governor of the Central Bank, deputy ministers from the Home Affairs Ministry and the Finance Ministry, the deputy attorney-general and the country’s chief of police.

The only non-government official invited onto the board is U Win Aung, the president of the Union of Myanmar Federation of Chambers of Commerce and Industry.

“The board has nine tasks, including adopting policies related to anti-money laundering and terrorism financing; taking legal action…in coordination with respective government departments and other agencies; and laying down a national strategy to combat the crime,” said Eleven Media, citing a government gazette statement. —William Boot