Myanmar on Brink of Fatf Blacklisting: A Critical Blow to Military Regime’s Economic Credentials

Myanmar Faces Global Finance Watchdog’s Wrath

Yangon/Taipei, Sept 7 (Nikkei Asia) – Myanmar is on the cusp of being blacklisted by the Financial Action Task Force (FATF), a global finance watchdog that tasks with combating financial crime. This move could severely limit Myanmar’s access to global financial markets and deal a significant blow to its economic prospects.

Background: FATF’s Role in Combating Financial Crime

The FATF is an intergovernmental body tasked with:

• Combating money laundering
• Countering the financing of terrorism
• Promoting effective implementation of legal, regulatory and operational measures for preventing these threats

Myanmar’s Blacklisting: A Critical Test of Military Regime’s Commitment to Financial Integrity

The decision to blacklist Myanmar comes as the country’s military regime faces growing international condemnation for its human rights abuses and crackdown on democracy. Analysts say that the move could have far-reaching consequences for Myanmar’s economy, making it harder for businesses to access foreign investment and limit its ability to engage in global trade.

Consequences of Blacklisting

• Severe limitations on access to global financial markets
• Difficulty accessing foreign investment
• Limited ability to engage in global trade
• Escalation of pressure campaign against the military regime