Union Minister for Home Affairs, Lt. Gen. Tun Tun Naung, Member of the State Security and Peace Commission and Chairman of the Central Body on Anti-Money Laundering, has instructed the banks and financial institutions to monitor and report suspicious transactions related to high-risk crimes such as drugs, corruption, tax crimes, and environmental crimes to the Financial Intelligence Unit (FIU) in order to identify suspicious transactions.
He made the remarks at the Central Body on Anti-Money Laundering Meeting No. (2/2025) held at the Areindamar Hall of the Myanmar Police Force Headquarters in Nay Pyi Taw on December 12.
The Union Minister said that since Myanmar was placed on the Grey List of countries and regions whose progress should be monitored since February 2020 by the Financial Action Task Force (FATF), Myanmar has been implementing the 15 points in the action plan with great emphasis, and has been submitting progress reports and attending plenary meetings every four months. In order to implement the points in the action plan, a task force on combating money laundering and financing of terrorism led by the Governor of the Central Bank of Myanmar has been formed and assigned the task. Out of the 15 points in the action plan to be implemented, only 5 points are currently left, and he urged relevant departments to work together to complete the remaining points.
Law enforcement agencies investigating primary crimes should use the Financial Intelligence Unit to identify assets related to suspects, and use information from relevant departments to identify potential money laundering and it is also necessary to request and use information from domestic and international partners to increase the freezing, confiscation, and seizure of assets during investigations. It is recommended that reporting entities such as banks and financial institutions and non-financial business entities monitor and report suspicious transactions related to high-risk crimes such as drugs, corruption, tax crimes, and environmental crimes to the FIU. It is also urged to pay attention to the quality of reporting and to ensure that relevant supervisory authorities take action, taking into account the increasing incidence of online fraud and money laundering in countries around the world and in the region. It is also recommended that relevant departments make preparations for the third Mutual Evaluation (ME) to be held in 2030. It is recommended that the necessary resources be planned in advance to develop systematic plans. The investigation teams investigating money laundering are required to conduct their investigations in accordance with existing legal procedures and procedures, and when submitting reports, they need to ensure accountability for the results of the investigation with solid evidence in accordance with the provisions of the Anti-Money Laundering Law and to supervise the implementation of corruption-free activities by the responsible levels. The National Strategy for Combating Money Laundering and Terrorism Financing (2024-2028) has been implemented in 5 strategic areas since October 21, 2024, and 47.2 percent has been implemented by the third quarter of 2025. Technological innovations are rapidly increasing productivity in every sector of society and the economy. On the other hand, criminals are misusing technological advances to commit fraud, including cybercrime and money laundering crimes, he said.
Then, members of the Central Body on Anti-Money Laundering, participants from the Anti-Money Laundering and Terrorism Financing Task Force, and the Chairmen of the Strategy Implementation Supervision Team presented and discussed the activities and issues to be taken forward by each sector.
The meeting was attended by the Member of the State Security and Peace Commission, Chairman of the Central Body on Anti-Money Laundering and Union Minister for Home Affairs, Lt. Gen. Tun Tun Naung, Vice-Chairmen Daw Than Than Swe, Governor of the Central Bank of Myanmar, and U Lwin Oo, Chairman of the Anti-Corruption Commission, members of the Central Body on Anti-Money Laundering, members of the Anti-Money Laundering and Terrorism Financing Task Force, and the Chairmen of the Strategy Implementation Supervision Team.
