Press Conference

A Press Conference Held

Regular press conference explains
"The Control of Money Laundering Law" to ease public anxiety
The Law enacted to protect public interests and not to cause public sufferings
[ 19th June, 2002 ]

Vice Chief of Military Intelligence Maj-Gen Kyaw Win meets journalists at the regular press conference on 19-6-2002.

The regular press conference this afternoon explained "The Control of Money Laundering Law" to refute the rumours and fabrications spreading among the public.

The Law was promulgated under the State Peace and Development Council Law No 6/2002, of the Union of Myanmar on 17 June 2002.

At the press conference which was held at the Tatmadaw Guest House on Inya Road, Vice-Chief of Military Intelligence Maj-Gen Kyaw Win said rumours concerning the Law are spreading among the public. Due to the fabrications, some of the persons are withdrawing their savings from the banks. The people are experiencing anxiety over the Law. Public may suffer losses due to withdrawal of their savings unnecessarily. The minister deputy minister, and officials of the Ministry of Home Affairs and the Ministry of Finance and Revenue will explain the Law in detail to ease the public anxiety. The Law has become effective only after its issuance date.

Minister for Home Affairs Col Tin Hlaing meets journalists at the regular press conference on 19-6-2002.

Minister for Home Affairs Col Tin Hlaing said the Law was issued with the aim of protecting the public interests and not of causing public sufferings. It was drafted as the transnational crimes are occurring world-wide threatening the global peace and stability. The world's average annual amount of the money laundering cases is US $ 1.5 trillion. The 20th UN General Assembly which was held in 1998 urged the UN member nations to introduce the Law before 2003.

The drafting of the Law began in May 2000.

The respective ministries and organizations with the leadership of the Attorney-General drafted the Law after coordinating many times taking into consideration the UN Conventions, the UN Model Law, the Forty-Eight Recommendations of the Financial Action Task Force (FATF), and the laws of the ASEAN member nations.

The four objectives of the Law are:

To control and enable taking of effective action against money and property obtained by illegal means and to prevent offences arising there from;
To prevent interference in the executive, economic and social sectors of the State, using money and property obtained by illegal means;
To carry out measures in conformity with the international conventions that Myanmar has acceded, in implementing control of money and property obtained by illegal means;
To cooperate with international organizations, regional organizations and neighbouring countries for controlling money and property obtained by illegal means.

The Law has 11 chapters.

The characteristics of the Law are:

In accord with the 1988 UN Convention on illicit trafficking of drugs, it is required to prove that the profits are obtained from drug offence; as the Law was enacted with reference to the Convention on control of transnational offences, action can be taken against money laundering offences in accord with the Law;
Under section 2, the Law shall have jurisdiction on any person who commits any offence cognizable under this Law in the territory of Myanmar, or on Myanmar citizen or any person residing permanently in Myanmar who commits the said offence outside the country or on any person who commits the said offence on board a vessel or an aircraft registered under its existing law.
The Law shall also be applicable to the commission of the ten crimes under section 5 (a) and the transnational offences. It is also applicable to the crimes inclusive in UN Convention Against Transnational Organized Crime and 3 Protocol.
The Central Control Board shall be formed with the Minister for Homes Affairs as the chairman, the Minister for Finance and Revenue as the deputy chairman, the respective ministers, the deputy ministers and the directors-general as members and the director-general of the Bureau of Special Investigation as the joint secretary.
If necessary under the law, the Investigation Body comprising not less than three members from suitable persons of relevant government departments and organizations to investigate a case.
The report on findings of the Investigation Body shall be presented to the Preliminary Scrutiny Body comprising not less than three members chaired by one deputy minister.
The banks and financial institutions shall record the important facts of the customers in accord with the stipulations; the records must be kept for at least five years. The Investigation Body shall have the right to inspect, copy and keep the records. The frozen accounts shall not be drawn, transferred or destroyed.
If any person who enters Myanmar bring foreign currency exceeding the prescribed amount, the official concerned have the duty to submit the matter to the Central Control Body.

The section 34 states "In respect of money and property obtained by illegal means, if any other person who is not under investigation is able to prove clearly that such money and property were transferred by certain means with consideration and in good faith, his right shall not be affected.

Minister for Home Affairs Col Tin Hlaing replied to the queries raised by local and foreign journalists.

The section 38 stated that the offences mentioned in the section 5 (a) and (b) are affected by the Law only after the effective date of the Law, 17 June 2002. Action will be taken against ten different types of money laundering offences mentioned in section 5 (a) and (b) in accord with the existing laws under the section 39. The Law only concerns with the laundering of money and property obtained by illegal means. Only the offences committed after the issuance of the Law will be dealt with it. The offences have been taken action and the laundered money and property been impounded under other existing laws will be exempt from punishable by the Law. Action will be taken against offences in accord with the Law only under the prior permission of the Ministry of Home Affairs.

Maj-Gen Kyaw Win and Deputy Attorney-General U Khin Maung Aye replied to the queries raised by local and foreign journalists.

Minister Col Tin Hlaing, Maj-Gen Kyaw Win, Deputy Minister Brig-Gen Than Tun and Deputy Attorney-General U Khin Maung Aye replied to queries raised by the journalists.

Also present on the occasion were Deputy Minister for Foreign Affairs U Khin Maung Win, Deputy Minister for Information Brig-Gen Aung Thein, Deputy Minister for Home Affairs Brig-Gen Thura Myint Maung, senior military officers, heads of departments, officials of the Ministry of Information, U Sein Win of Kyodo News Agency, Patron of Myanmar Foreign Correspondents Club U Hla Htwe, Secretary U Nyunt Tin and others.

Deputy Minister for Finance and Revenue Brig-Gen Than Tun replied to the queries raised by local and foreign journalists.

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