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Myanmar to sign more agreements to prevent transnational money laundering

Publication Date : 24-08-2014


Myanmar is talking with Japan and the UK about signing agreements on reciprocal exchanges of information on transnational money laundering, Police Colonel Kyaw Win Thein, deputy chief of the Financial Investigation Unit, said on Friday.

“There may be both inflows and outflows of dirty money,” Kyaw Win Thein said.

“To prevent this, there is a link between countries. We have already signed MoUs with seven countries on the prevention of transnational money laundering. Currently, a plan is underway to sign an MoU with Japan.”

While Myanmar has signed agreements with seven countries to try to stop money laundering, it has yet to become a member of the Egmont Group – an alliance of 139 Financial Intelligence Units around the world, which was formed in 1995.

The goal of the Egmont Group is to provide a forum for FIUs around the world to improve cooperation in the fight against money laundering and the funding of terrorism, and to foster the implementation of domestic programmes in this field, as well as boosting and systemising international cooperation in the reciprocal exchange of information.

The group aims to boost the effectiveness of FIUs by offering training and promoting personnel exchanges to improve the expertise and capabilities of personnel employed by anti-money laundering bodies.



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