Myanmar steps up fight against money laundering related to online financial fraud
YANGON: The Central Bank of Myanmar has held a workshop to combat money laundering associated with online financial fraud, the state-owned newspaper The Mirror reported on Sunday (June 15).
According to the report, the workshop was attended by the central bank's governor and deputy governor, officials from relevant ministries, and representatives from banks, mobile financial service providers and payment clearing services.
Speaking at the event, the central bank's governor, Daw Than Than Swe, said the workshop was organised to raise public awareness about the links between online financial fraud, money laundering and terrorism financing. It also aimed to support reporting entities such as banks and financial institutions in developing effective prevention strategies, and to enhance cooperation and information sharing among stakeholders.
She added that the workshop further aimed to discuss and identify solutions to the challenges encountered in AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) efforts related to online financial fraud, based on real-life criminal cases.
She also said that the central bank was working to strengthen AML/CFT regulations to prevent banks and financial institutions from being exploited as intermediaries in online fraud schemes.
The workshop also included discussions on the difficulties faced in combatting online fraud-related money laundering, as well as a panel discussion featuring senior bankers, according to the media report.
Additionally, the role of AI technology in combating online financial fraud and money laundering was explored, alongside ongoing initiatives and collaborative efforts to address these issues, the report added. - Xinhua
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