UK to support workshops on money-laundering controls
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Workshops on anti-money laundering and combatting the financing of terrorism (AML/CFT) held in Nay Pyi Taw and Yangon this week will be supported by the British government, in partnership with the Myanmar government and private sector, according to the Br
On Monday and Tuesday, members from key government agencies including the Financial Intelligence Unit, Police Force, Attorney-General’s Office, Union Supreme Court and the Central Bank attended a two-day workshop in Nay Pyi Taw.
On Friday, a similar workshop will be held in Yangon in which key stakeholders from the Central Bank, Financial Intelligence Unit, and the private sector (financial and non-financial reporting institutions) are expected to be present.
The workshops will examine the practical approaches and international best practices to enhance the effectiveness of the AML/CFT regime, which can only occur once further legislative measures are put in place.
“There are many donors, none more eager than the UK, supporting the reform process being led by President Thein Sein’s government. However, there are also those who want to take advantage of your country, using it as a channel for money laundering and other financial crimes,” said Matthew Hedges, deputy head of mission at the British Embassy, in his opening speech at the Nay Pyi Taw workshop.
Hedges added that the UK would work with the Myanmar government to ensure that the right systems are in place to protect its economic reform process.
“This marks our first engagement with the UK on this issue. We deeply appreciate the provision of this technical assistance, and we thank the participants from many government agencies for attending,” said Home Affairs Minister Lt. Gen. Ko Ko, who is also chairperson of the Central Control Board on Money Laundering.
The workshops take place at a pivotal moment for the country’s AML/CFT efforts: draft bills on anti-terrorism and new anti-money laundering legislation have been submitted to Parliament, and the Financial Action Task Force meets this week in Paris to review the country’s status, according to the British Embassy.
“Strengthening the institutions which combat money laundering and other financial crimes is a vital step in ensuring a strong, stable financial system, which is open to international investment,” said an Embassy official, adding that the initiative falls under the UK government’s ‘Prosperity’ agenda that seeks, in partnership with local institutions, to increase exports and investment, open markets, ensure access to resources, and promote sustainable global growth.
The training is provided by UK organisation GovRisk, as part of a regional series of workshops that have previously taken place in Malaysia, Indonesia, Cambodia and the Philippines.
“President Thein Sein’s government is working with international partners to strengthen their laws, regulations and enforcement. We hope to assist some of the key departments in implementing these standards. In doing so, these institutions can enforce and prosecute financial crimes and ensure a strong, stable environment that encourages legitimate business,” said GovRisk faculty member Gert Demmink, a renowned expert in money laundering and financial crime, who will conduct the training.
GovRisk is a provider of technical assistance, training and consulting services to government bodies and private sector institutions worldwide. Since 2010, GovRisk has been providing high quality consultancy and training programmes to public and private sector institutions from more than 30 countries.
Global money laundering is estimated at two to five percent of total GDP, or ? 23 to 57 billion (Ks 37.29 to 92.49 trillion), according to statistics.
