THE Asia Pacific Joint Group (APJG) held a crucial face-toface meeting in Hong Kong, focusing on the progress of member countries, including Myanmar, in anti-money laundering (AML) and the financing of terrorism (CTF) from 3 to 5 September 2024.

Myanmar’s delegation, led by Central Bank of Myanmar Governor Daw Than Than Swe, participated in these discussions to assess and enhance the country’s AML/CTF strategies. The meeting included representatives from the Financial Action Task Force (FATF) and the Asia Pacific Group on Money Laundering (APG). Key agenda items included reviewing Myanmar’s progress reports and evaluating the implementation of international AML/CTF standards.

The APJG provided detailed feedback on Myanmar’s achievements and areas needing improvement. Myanmar is expected to revise its anti-terrorism laws by the end of September 2024, specifically Articles 6(d) and 53 of the anti-terrorism legislation, based on APJG recommendations. Discussions highlighted the need for improved measures to address high-risk areas and illegal money transfers. The APJG emphasized the importance of stricter enforcement of legal frameworks to prevent money laundering and terrorist financing.

The meeting underscored the need for Myanmar to enhance its capacity to implement and monitor AML/CTF measures effectively. Recommendations included strengthening cooperation with international financial institutions and regulatory bodies better to address money laundering risks and illegal financial activities. Overall, the meeting reaffirmed Myanmar’s commitment to aligning its financial regulatory practices with international standards and improving its response to money laundering and terrorism financing threats.

MNA/KZL

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