MYANMAR and Thailand have agreed to work together to investigate the financial proceeds from transnational organised crime, said an official from the Ministry of Home Affairs.

Police Colonel Sit Aye, the ministry’s director and the head of the Financial Intelligence Unit, told Myanmar Times on August 3 that the two countries on July 30 signed a memorandum of understanding to combat money laundering in Yangon.

The MoU was signed by the secretary of the Central Control Board, Brigadier-General Khin Yi, and the secretary general of the Thailand Anti-Money Laundering Office, Police Major-General Peeraphan Prempooti.

The ceremony was also attended by the Home Affairs Minister, Major-General Maung Oo, and the Thai Justice Minister, Mr Suwat Liptapanlop.

Major-General Maung Oo heads the Central Control Board, which investigates suspicious cash and property transactions.

Police Colonel Sit Aye said the bilateral collaboration would play an important role in countering transnational organised crime, of which money laundering is a major component.

“The operation of international syndicates will be limited if we can control their financial resources,” he said.

The two countries also held bilateral meeting on combating money laundering on July 29, at which they agreed to exchange information and compare challenges in combating the problem.

“The meeting has enabled us to have personal contacts between the two countries’ responsible officials and to build friendship and trust,” Police Colonel Sit Aye said.

Mr Suwat had invited Major-General Maung Oo to visit Thailand to see how it investigates proceeds from crime, he said.

“We have agreed to hold a bilateral expert meeting in Yangon in a few months. Since financial investigation needs special skills, we need capacity building,” he said.

“We hope that we will be able to conduct anti-money laundering activities more effectively with the help of our Thai counterparts, who have much more experience than we do.”

Myanmar enacted laws against money laundering in July 2002, while Thailand enacted them in 1999.

The two countries have also signed the 2000 United Nations Convention on Transnational Organised Crimes.

Police Colonel Sit Aye said the Central Control Board has investigated about 6000 reports of cash transactions and 60 reports of property transactions in the last 17 months.