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Myanmar Law Information System
Anti-Money Laundering Law: Keeping Secrets and Functions
In a move to combat money laundering and financing of terrorism, Myanmar’s government has introduced the Anti-Money Laundering Law. The law requires organizations to keep secrets and perform certain functions.
Financial Intelligence Unit
According to Section 11 of the law:
- Financial intelligence units must inform any information exchanged or cooperated with under subsection (a) for purposes that comply with:
- (i) usage by the Financial Intelligence Unit
- (ii) combating money laundering and financing of terrorism
- (iii) obtaining consent from organizations assigning the said information
- The Financial Intelligence Unit may also receive information referred to subsection (g) of section 10 based on a request for assistance received from an external partner. The unit must take measures to enable the request for assistance in accordance with its powers conferred by internal affairs.
Scrutiny Body
The law outlines the formation of a Scrutiny Body, which includes members from the Financial Intelligence Unit. The body may:
- Scrutinize money laundering, financing of terrorism, and properties obtained by illegal means
- Identify and search for traces of money and properties
- Seize and control them temporarily
Reporting Requirements
Section 15 states that the Scrutiny Body shall keep secrets of each scrutinized matter and report measures to the Financial Intelligence Unit.
The law also requires reporting organizations to:
- Carry out risk assessments of money laundering and financing of terrorism
- Identify high-risk transactions and take intermediate measures accordingly
- Maintain records of their activities and make them available to relevant authorities
Purpose of the Law
The Anti-Money Laundering Law aims to prevent money laundering and financing of terrorism by requiring organizations to keep secrets and perform certain functions. The law is a significant step forward in Myanmar’s efforts to combat financial crimes.
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