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Myanmar Falls Short on Anti-Money Laundering Guidelines, Report Says

YANGON, MYANMAR - A recent report by the Financial Action Task Force (FATF) has highlighted significant challenges faced by Myanmar in implementing anti-money laundering guidelines.

Mixed Ratings for Myanmar’s Anti-Money Laundering Regime

Myanmar received mixed ratings on various aspects of its anti-money laundering regime. While some areas were deemed “largely compliant”, others were found to be “partially compliant” or even “non-compliant”.

Areas Requiring Improvement

According to the report, Myanmar needs to improve in the following areas:

• Risk assessment and application of a risk-based approach
• National cooperation and coordination mechanisms
• Laws and regulations to combat money laundering and terrorist financing
• Customer due diligence, record-keeping, and internal controls in financial institutions
• Regulation and supervision of non-profit organizations and DNFBPs (designated non-financial businesses and professions)

Targets for Improvement

The report highlighted the need for improved measures against:

• Proliferation
• Targeted financial sanctions related to terrorism and terrorist financing

Financial Intelligence Unit

Myanmar’s financial intelligence unit was found to be partially compliant, lacking a comprehensive framework for sharing information and cooperating internationally.

Transparency and Beneficial Ownership

The report emphasized the need for improved transparency and beneficial ownership of legal persons and arrangements.

Powers of Supervisors

Myanmar’s powers of supervisors were deemed to be compliant, but the country still needs to improve its regulation and supervision of financial institutions and DNFBPs.

Conclusion

While Myanmar has made some progress in implementing anti-money laundering guidelines, it still faces significant challenges that must be addressed to bring the country into compliance with international standards.