A meeting was held yesterday afternoon at the Central Bank of Myanmar in Nay Pyi Taw to determine the risk of money laundering associated with high-risk crimes.
U Kyaw Win Thein, member of the Anti-Corruption Commission and Vice-Chair of the Anti-Money Laundering and Terrorism Financing Task Force, gave an opening speech during the meeting.
U Kyaw Win Thein said that concerning immediate result 1, there is a need to show evidence and improve understanding of the risk of loss related to money laundering and terrorism financing.
Identifying high-risk drug crimes, corruption, cross-border smuggling, and money laundering related to vulnerable border areas and corporate entities is essential, he said.
He added that there is a need to continue to report changes and progress in understanding by the authorities and the private sector and to show the participation of the private sector in efforts to improve awareness and the cooperation of relevant authorities and reporting organizations.
CBM Vice-Governor Dr Lin Aung then said that in implementing the remaining points related to immediate result-1, law enforcement organizations and supervisory authorities, as well as financial investigation and intelligence groups and reporting organizations, must be involved and issue the necessary reports according to the sectors related to their departments.
He added that all organizations involved in AML/CFT activities in the country must participate and that implementing immediate result 1 will comtribute to other immediate outcomes.
Officials also discussed providing information and departmental actions necessary to identify money laundering losses associated with high-risk crimes. — MNA/KZL
