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Myanmar’s Financial Intelligence Unit Fails to Meet International Standards

A recent assessment by international authorities has revealed that Myanmar’s Financial Intelligence Unit (MFIU) is still struggling to meet basic standards of supervision and risk-based analysis.

Assessment Findings

The assessment noted several deficiencies, including:

• Lack of sufficient capacity and IT systems to conduct operational analysis, which is crucial in identifying patterns of suspicious activity.
• Limited ability to identify patterns of suspicious activity.
• Dual role as FIU and financial investigation team raises concerns about independence and impartiality.
• Lack of a protected database and dissemination process for sharing information with foreign counterparts.

Recommendations

The report emphasized the need for Myanmar’s Financial Intelligence Unit to take concrete steps to improve its capacity and systems to effectively combat money laundering and terrorist financing. Specifically, it recommended:

Recommendation 29: Fit and Proper Supervision Beyond Banks

The assessment found that Myanmar’s Financial Intelligence Unit is partially compliant with Recommendation 29, which calls for fit and proper supervision beyond banks.

• Lack of sufficient capacity and IT systems to conduct operational analysis.
• Limited ability to identify patterns of suspicious activity.
• Dual role as FIU and financial investigation team raises concerns about independence and impartiality.
• Lack of a protected database and dissemination process for sharing information with foreign counterparts.

Conclusion

Overall, the assessment emphasized the need for Myanmar’s Financial Intelligence Unit to take concrete steps to improve its capacity and systems to effectively combat money laundering and terrorist financing.