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Conferment of Conferment Powers Under Control of Money Laundering Law (CMLL) Strengthened
YANGON, Myanmar - The Control of Money Laundering Law (CMLL), enacted in 2002, has been instrumental in combating money laundering and terrorist financing in Myanmar. One of the key provisions of the law is the conferment of powers to confiscate properties of offenders, regardless of whether they flee or not.
Key Provisions
According to Article 14 of the CMLL, if a case is prosecuted, money and properties shall be submitted to the court, and only then can properties be confiscated. This provision has been hailed as a significant strength in the law, enabling authorities to effectively curb money laundering activities.
Comparison with Anti-Money Laundering Law (AML)
In contrast, the Anti-Money Laundering Law (AML), enacted in 2014, stipulates that confiscation shall take place after prosecution is completed. This has led to concerns about the effectiveness of AML in preventing money laundering.
Strengthened Anti-Money Laundering Regime
Myanmar has established specialized agencies to investigate predicate offenses, including drug trafficking and human trafficking, as well as economic crimes and money laundering. However, there are some areas where overlap occurs, leading to challenges in investigation and prosecution.
- The Anti-Corruption Commission is only empowered to investigate corruption cases.
- The Financial Intelligence Unit (FIU) has the authority to trace money and inspect bank accounts.
Importance of Investigating Predicate Offenses
Experts have emphasized the importance of investigating predicate offenses parallelly with money laundering cases, as this enables authorities to suppress money laundering more effectively. This approach has been incorporated into a new draft law.
International Conventions
Myanmar has ratified several international conventions aimed at combating illicit drug trafficking, terrorism financing, and transnational organized crime. However, there are still some areas where implementation is lagging behind.
Progress in Strengthening Anti-Money Laundering Regime
In recent years, Myanmar has made significant progress in strengthening its anti-money laundering regime. The country has implemented the Mutual Evaluation Report’s recommendations, including amendments to the Money Laundering Law to enable confiscation of assets without criminal punishment.
Case Study: Comedian’s Murder
A case study involving a comedian’s murder highlights the challenges faced by law enforcement agencies when dealing with corruption and money laundering cases. The incident sparked public outcry and led to an investigation into alleged bribes paid to law officers, judges, and police officials.
Need for Greater Professionalism
The experience has underscored the need for greater professionalism among investigators, lawyers, and judges, as well as training programs to enhance their skills in handling complex money laundering cases.
Conclusion
In conclusion, while there are still challenges facing Myanmar’s anti-money laundering regime, the conferment of powers under the CMLL has been a significant step forward in combating money laundering and terrorist financing.