The Anti-Corruption Commission office held an awareness workshop on Anti-Money Laundering related to corruption in Nay Pyi Taw yesterday.
At the event, Chairman U Sis Aye stated in his opening speech that this is the second workshop in which the commission has collaborated with the Financial Intelligence Unit.
Money laundering (ML) involves violating any action on Proceeds of Crime (POC) and transferring, concealing and converting the origin, appearance, location and ownership of funds to make them seem like white money. Money laundering cannot be committed directly; it involves laundering proceeds of crime obtained by committing an original offence. As law enforcement organizations take action against the original crime, they need to verify whether money laundering has occurred. This necessitates conducting a financial investigation. If there is an investigation related to corruption, a financial investigation should be performed in parallel, regardless of whether money laundering is suspected or not. Enacting laws and procedures to enhance financial investigations when dealing with corruption cases is crucial.
The adverse effects outweigh the actual financial losses incurred due to money laundering. In modern times, technological advancements have made crime cases more complex and challenging to be solved. Providing necessary training to investigators is crucial for improving their work efficiency.
It is convinced that lectures on AML delivered by experts from various ministries will support the enhancement of knowledge on AML for staff and officials from ACC. Then, FIU head Police Brig-Gen Myo Thu Soe gave a remark, saying that as Myanmar is a member of UNCAC, it is also vital to combat money laundering in the implementation of the provisions of UNCAC, the cooperation between FIU and Anti-Corruption Commission will effectively fight corruption and money-laundering.
Police Lt-Col Myint Soe then discussed 40 recommendations of FATF (Financial Action Task Force), Myanmar’s mutual assessment of AML/CFT member countries and technical compliance and effectiveness on 40 recommendations of FATF (Financial Action Task Force). Police Captain Win Naing Tun discussed methodologies of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT). Deputy Director U Thurain Aung addressed the issue of Parallel Investigation, and Commissioner U Kyaw Win Thein presented the results and recommendations derived from the discussions in the workshop. The workshop concluded after a questions and answers session. — MNA
