Central Bank organizes a financial controlling body to investigate money laundering
1070
Hsu/ Myo Gyi (NP News) – June 19
The Central Bank of Myanmar (CBM) has formed the Committee for Investigation and Supervision of Anti-Money Laundering and Counter- Terrorism Financing known as ‘CIASC’ to combat money laundering and financial crimes in banking and monetary system, gold trading, and real estate sector.
The Central Bank addressed it in the report on measures taken by the State regarding Anti-Money Laundering and Counter-Financing of Terrorism.
The CBM Governor, Than Than Swe, is assigned as the chairperson of the working group committee for Anti-Money Laundering and Counter-Terrorism Financing.
Under the leadership of the Central Bank and the Financial Investigation Team, the CIASC is actively engaged in disseminating information to prevent money laundering and mitigate financial risks.
The CIASC has been specifically organized to investigate and supervise transactions originating from banks, financial institutions, jewelry and gold dealers, the real estate industry, as well as agents, legal agents, audits, and consultation agencies. The primary focus of this committee is to uncover cases of money laundering and assess associated financial risks.
Furthermore, the CIASC is scrutinizing reporting organizations involved in Counter-Financing of Terrorism in combating financing for massive explosive devices. It has come to light that money laundering schemes often involve real estate, motorcars, and high-value items, where legitimate financial resources are intermingled with illegal money or black money through investments.
In a recent announcement, the Central Bank disclosed the staggering amount of money frozen and confiscated due to money laundering, economic crimes, and staff misconduct. From February 2021 to December 2022, a total of 9.3 billion Myanmar Kyat and 2.2 million USD were seized.