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UK supporting Burma’s business governance
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Plans for workshops announced for business leaders on key issues including risk management and assurance
The UK Financial Services Taskforce, comprising the British Government and UK private sector organisations, is supporting work to highlight the importance of Corporate Governance and its role in contributing to Burma’s overall economic efficiency and competitiveness. The British Embassy’s Deputy Head of Mission Mr Matthew Hedges, speaking at a reception bringing together key international and Burmese stakeholders on 4 July, said:
I think we can all agree that Corporate Governance will be key to this country’s economic efficiency and competitiveness. Gatherings like this help us to identify some challenges to capital market development and to establishing an effective corporate governance framework. So the hard work starts now, and the UK is committed to playing its part. The UK Financial Services Taskforce is developing plans to run a series of workshops this autumn. The focus will be on the practicalities that business leaders and managers face when considering Governance, Risk Management and Assurance. Please watch this space!
• The UK Financial Services Taskforce, comprising the British Government, Standard Chartered Bank, Prudential and Allen & Overy was established in 2013 to support the holistic development of Burma’s financial sector. The Taskforce provides relevant training to the private and public sectors, and act as a sounding board to the Minister of Finance, the Attorney General and the Central Bank Governor.
• The UK, through the Foreign and Commonwealth Office and the Department for International Development, is also supporting the development of Burma’s financial sector in a number of ways, including:
• The Institute of Chartered Accountants in England and Wales (ICAEW) recently signed a Memorandum of Understanding for training and collaboration with the Myanmar Institute for Certified Public Accountants (MICPA) to develop an independent and functioning accountancy sector. ICAEW’s work is UK-funded.
• The UK has also funded GovRisk to directly assist the Burmese authorities’ ability to develop their anti-money laundering (AML) processes and capacity.
• Partnering with the Myanmar Banks Association (MBA) to deliver a number of training courses to banking staff in the areas of SME Banking, Risk Management and Trade Finance in the commercial centres of Rangoon and Mandalay.