¡¡¡¡YANGON, June 18 (Xinhuanet) -- The ruling Myanmar State Peace and Development Council has enacted the Control of Money Laundering Law to control and take effective actions against money and property obtained by illegal means.

¡¡¡¡According to an announcement of the council Tuesday, the 11-chapter law, promulgated on Monday night, aims to curb the rise ofsuch offenses, and at the same time to prevent the executive, economic and social sectors from using such illegal money and property and to strengthen cooperation with international and regional organizations and neighboring countries in fight against the crime.

¡¡¡¡Under the law, any person residing permanently in the country, who is charged with money laundering within or outside Myanmar, will be punished.

¡¡¡¡The law empowers the government to form a Central Control Boardon Money Laundering with the minister of Home Affairs as its chairman.

¡¡¡¡The law warns that different offenses committed under this law will be punished in imprisonment ranging from at least three years up to 10 years or a maximum of an unlimited period, depending on the degree of the crimes committed. Enditem

¡¡¡¡