¡¡¡¡YANGON, June 19 (Xinhuanet) -- Myanmar Minister of Home Affairs Colonel Tin Hlaing said on Wednesday that his government's currently promulgated Money Laundering Control Law will not affectthe interest of the country's people and national entrepreneurs.

¡¡¡¡Meeting with the press, Tin Hlaing denied the rumors that the law has brought about monetary instability in the country, assuring that people's deposits that were made in banks before thelaw was enacted will not be affected.

¡¡¡¡The money laundering control law began to be drafted in May 2000 in conformity with the international conventions that Myanmarhas acceded on implementing money laundering control, and is aimedat cooperating with international and regional organizations and neighboring countries for such control, he said.

¡¡¡¡However, he declined to disclose the least amount of money and property designated or considered as illegally obtained.

¡¡¡¡He went on to say that money sent from abroad to local people as aid will not be cognizable under this law.

¡¡¡¡He clarified that the law will apply to the offenses of illegally converting, transferring, concealing, obliterating or disguising of money and property obtained from the commission of such offenses as trafficking in and smuggling of women and children, antiques, arms and ammunition, undertaking of a financial institution without license, counterfeiting money, hijacking of aircraft, vessel or vehicle, cyber crimes committed by electronic means and acts of terrorism.

¡¡¡¡The Myanmar government promulgated on Monday the Control of Money Laundering Law to control and take effective actions againstmoney and property obtained by illegal means.

¡¡¡¡Under the law, any person residing permanently in the country, who is charged with money laundering within or outside Myanmar, will be punished in imprisonment ranging from at least three yearsup to 10 years or an unlimited period, depending on the graveness of the crimes committed. Enditem

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