Tuesday 26 November 2013

Money laundering law to be amended

The Myanmar Police Force is cooperating closely with financial institutions to amend the Control of Money Laundering Law, according to Police Brigadier-General Soe Myaing.

The money laundering law was enacted in 2002 at a time when there was still limited investment in Myanmar. Authorities plan to amend outdated clauses to protect investors' interests and curb the use illegally gained capital.

"As now is market economy, the clauses capable of protecting investors in the investment sector will be amended. Also for the investors who obtained money and property by illegal means, the provisions that can take effective actions are being drafted," said Soe Myaing on November 23.

"The money coming from sale of narcotic drugs, pickpocketing and murder is black currency. Therefore, we will have to control the money obtained from evil doings whether in a restaurant or garment shop," he added.

The law will be made public once it has been amended. The control of money laundering law was enacted in 2002 with the aim of curbing illicit finical transactions and the laundering of illegal currency.

source: Eleven Myanmar

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