THE Central Body on Anti-Money Laundering convened a meeting (1/2022) at Arain dama Hall of Myanmar Police Force in Nay Pyi Taw at 2 pm on 14 January in compliance with the health protocols for the COVID-19.

Union Minister for Home Affairs Lt-Gen Soe Htut, who is also the chairman of the Central Body on Anti-Money Laundering and a member of the State Administration Council, noted that the Central Body has been implementing Anti-Money Laundering and Countering the Financing of Terrorism (AML CFT) national-level strategy (2019-2023). Furthermore, a follow-up report on the recom- mendations of the Financial Action Task Force (FATF) is submitted to the Asia-Pacific Group on Money Laundering on 1 February every year, according to a mutual evaluation report of the member countries in implementing FATF standards.

 The central body delivered a progress report of the action plan to be implemented as part of FATF’s listing and monitoring process to the Asia-Pacific Joint Group (APJG) every four months. This being so, it is the purpose of this meeting.

 It plays a critical role to be removed from FATF’s grey list. The country improved its (AML/CFT) measures. Myanmar has been trying to resolve the strategic deficiencies in its regime to counter money laun dering, terrorist financing, and proliferation financing.

Typologies of reports on money laundering are mostly correlated with the purchase of real estate, vehicles and precious gems. Money laundering through currency exchange, converting black money into white money, third-party payment flow with the family members or close associates, front businesses, online gambling, online auctions and sales, illegal businesses, trade-based activities, terrorism financing and foreign institutions are found.

As a result of this, the central body must focus on monitoring and assessment of the information disseminations organs to combat and prevent money laundering. The deficiencies identified by Action Plan are already included in the national-level strategy (2019-2023). We will work on the implementation of a strategy to commit FATF recommendation. All the concerted efforts of the ministries and governmental organizations concerned are required for the strategy to come to fruition.

Later, the members of the central body and the attendees explained the progress and future plans concerning AML/ CFT measures in each sector.

The meeting was concluded with the closing remark by Lt-Gen Soe Htut.

MNA

# THE GLOBAL NEW LIGHT OF MYANMAR