December 05, 2003—The Central Control Board of the Ministry of Home Affairs of the Union of Myanmar today announced the formation of the Investigation Body to carry out investigation into matters legalizing the money and property obtained by illegal means.

In accordance with the rights prescribed in the sub-section (c) of Section 8 of the Money Laundering Law, the Central Control Board formed under the Notification No 6/2002, dated June 04, 2002, of the Union of Myanmar set up an investigation body with following persons to make investigation into whether there are any legalization of money and property obtained by illegal means at the Asia Wealth Bank and the Myanmar Mayflower Bank.

(a) Hla Tun
Head
Licensed Public Accountant and Financial Consultant

(b) Myint Tun
Second Head
Deputy Director-General
Bureau of Special Investigation

(c) Than Than Aye
Member
Director
Auditor-General’s Office

(d) Maung Maung
Member
Director
Central Bank of Myanmar

(e) Soe Myint
Member
Director
Ministry of Commerce

(f) Myint Soe
Member
Chairman
Myanmar Garment Entrepreneurs Association

(g) Sein Win Hlaing
Member
General Secretary
Union of Myanmar Federation of Chambers of Commerce and Industry

(h) Tin Tun
Secretary
Director
Bureau of Special Investigation

The Investigation Body, in carrying out investigation and inspection, has the right:

(a) to open the case and conduct necessary investigation;
(b) to call for and examine the documents and other supporting evidences as are required from the
person under investigation or other persons, the relevant government departments and
organizations;
(c) to summon and examine the person under investigation or other persons as are required;
(d) to enter and inspect the building, land and worksite of the person under investigation; and
(e) to make a prompt report to the Central Control Board if there arises a cause to legalize money
and property obtained by illegal means.

Moreover, the Investigation Body is to:

(a) submit reports on findings to the Central Control Board in three months;
(b) submit reports on findings to the Central Control Board together with case proceedings; and
(c) carry out the investigation in a confidential manner.

In the course of the investigation, the Investigation Body should be careful not to affect the regular functions of the banks. [Top]

UPDATED IN FEBRUARY 2004