MYANMAR

FINANCIAL INTELLIGENCE UNIT

The Anti-Money Laundering Central Board

1. According to Control of Money Laundering Law (CMLL), the Government of Union of Myanmar formed the Central Control Board on Money Laundering (CCB) on 4th July 2002 in order to cooperate, collaborate as Central Body and lay down policies for advancing AML/CFT. After enacting Anti-Money Laundering Law (AMLL) in 2014, the CCB was reformed as Anti-Money Laundering Central Board (AMLCB) on 4th August 2014 under AMLL Section-6. AMLCB was comprised of:

  • Union Minister of Ministry of Home Affairs as Chairman;
  • Police Director General as Secretary;
  • Head of Anti-Financial Crime Division (AFCD) as Joint Secretary;
  • High ranking officials of Union Supreme Court Office, Ministry of Home Affairs, Ministry of Planning and Finance, Union Attorney General Office, Central Bank of Myanmar, Myanmar Police Force, Bureau of Special Investigation, Union of Myanmar Federation of Chambers of Commerce and Industry;

2. The duties of Anti-Money Laundering Central Board (AMLCB) which were states in Anti-Money Laundering Law (AMLL) are as follows.

  • Laying down the policies of AML/CFT
  • Laying down national strategy
  • Conducting the national risk assessment
  • Monitoring and implementation of national policies and strategies
  • Issuing directives on customer due diligence process that have to compiled by reporting agencies
  • Co-operating with international and regional organizations
  • Co-operating with relevant government departments and organizations by which economic enterprises may not be established and operated by money laundering.
  • Laying down the process for the AML/CFT awareness and capacity enhancement.
  • Submitting the report of activities of the Central Body to the Union of Government.

3. In order to achieve the objectives of AMLL, AMLCB formed FIU to receive and analyze the information submitted from reporting agencies; to disseminate the intelligence to relevant law enforcement agencies; and to investigate for AML/CFT. The AMLCB is conducting the coordinating and policy laying down functions continuously by holding its meeting in order to implement AML/CFT measure effectively. Moreover, AMLCB is submitting its annual progress report to the Union Government regularly. AMLCB is also conducting the National Risk Assessment on Money Laundering and Combatting the Financing of Terrorism (NRA) by forming the National Risk Assessment Committee in order to implement AML/CFT enforcement measure by reviewing the current Myanmar’.