Financial Crime World

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Myanmar Falls Short on Risk-Based Approach to Compliance

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A recent report by the Financial Action Task Force (FATF) has highlighted concerns over Myanmar’s implementation of anti-money laundering and combating terrorist financing regulations. The country received a mixed assessment, with some areas meeting international standards while others fell short.

Myanmar’s Risk-Based Approach to Compliance is Crucial

Myanmar’s ability to assess and mitigate risks is essential in preventing the misuse of its financial system for illicit activities. However, the report suggests that the country needs to improve its risk-based approach, which is critical in ensuring that its compliance measures are effective.

National Cooperation and Coordination

The report also emphasizes the need for Myanmar to strengthen national cooperation and coordination among different government agencies. This is essential in ensuring that all relevant authorities are working together to combat money laundering and terrorist financing.

Myanmar Needs to Improve Its Laws on Money Laundering Offenses and Confiscation Powers

Myanmar’s laws on money laundering offenses and confiscation powers need to be strengthened, according to the report. The country also needs to improve its ability to freeze and confiscate assets linked to illicit activities.

Myanmar’s implementation of targeted financial sanctions related to terrorism and terrorist financing is not up to international standards, the report suggests. The country needs to improve its ability to identify and sanction individuals and entities involved in such activities.

Myanmar Needs to Improve Its Regulation and Supervision of Financial Institutions

The report also emphasizes the need for Myanmar to strengthen its regulation and supervision of financial institutions. This is essential in ensuring that these institutions are complying with anti-money laundering and combating terrorist financing regulations.

Myanmar’s implementation of transparency and beneficial ownership requirements for legal persons is not up to international standards, the report suggests. The country needs to improve its ability to identify and disclose the true owners of such entities.

Myanmar Needs to Improve Its Statistics and Guidance on Compliance

The report also emphasizes the need for Myanmar to improve its statistics on compliance with anti-money laundering and combating terrorist financing regulations. This is essential in ensuring that the country is effectively implementing these regulations and making progress in preventing illicit activities.

Sanctions and International Cooperation

Myanmar’s implementation of sanctions related to anti-money laundering and combating terrorist financing is not up to international standards, the report suggests. The country also needs to improve its ability to cooperate with other countries in these areas.