WEB DESK
Money laundering and terrorist financing watchdog Financial Action Task Force (FATF) has put Myanmar on the “black list” and has called on members to apply enhanced due diligence to business relations and transactions in Myanmar. The FATF blacklist, officially designated as High-Risk Jurisdictions subject to a Call for Action, identifies nations with weak anti-money laundering and counter-terrorist funding regulatory frameworks.
In February 2020, Myanmar committed to addressing its strategic deficiencies. Myanmar’s action plan expired in September 2021. FATF said that given the continued lack of progress and the majority of its action items still not addressed after a year beyond the action plan deadline, it has decided that further action was necessary in-line with its procedures. FATF called on its members and other jurisdictions to apply enhanced due diligence measures proportionate to the risk arising from Myanmar. It added that Myanmar should continue to work on implementing its action plan to address these deficiencies, including demonstrating an improved understanding of money laundering risks in key areas. It also urged Myanmar to demonstrate enhanced use of financial intelligence in law enforcement agency investigations, and increase operational analysis and dissemination by the Financial Intelligence Units.