Financial Crime World

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Myanmar Falls Short in Money Laundering Detection Techniques, Says Report

A recent report has highlighted Myanmar’s shortcomings in implementing effective money laundering detection techniques. The report assesses the country’s compliance with the Financial Action Task Force (FATF) Recommendations and found that Myanmar is only partially compliant with several of the technical requirements.

Partial Compliance

According to the report, Myanmar has made some progress in implementing risk-based approaches and customer due diligence measures. However, it has yet to fully implement a comprehensive regime for the confiscation and provisional measures of money laundering assets.

Areas of Concern

The report also noted that:

  • Myanmar’s financial institution secrecy laws are still not fully aligned with international standards.
  • The country needs to improve its record-keeping requirements.
  • Myanmar’s reliance on third parties and lack of internal controls in foreign branches and subsidiaries remains a concern.

Partially Compliant Areas

Myanmar was rated as “partially compliant” for several key areas, including:

  • National cooperation and coordination
  • Confiscation and provisional measures
  • Terrorist financing offence
  • Targeted financial sanctions related to terrorism and terrorist financing
  • Non-profit organisations
  • Customer due diligence
  • Record keeping
  • Reliance on third parties

Urgent Action Required

The report concludes that Myanmar needs to take urgent action to address these shortcomings and improve its overall compliance with the FATF Recommendations. Failure to do so could result in the country being subject to further scrutiny and potential sanctions.

Key Areas for Improvement

Myanmar was found to be “non-compliant” with several other key areas, including:

  • Targeted financial sanctions related to proliferation
  • New technologies
  • Wire transfers
  • Higher-risk countries
  • DNFBPs: customer due diligence
  • DNFBPs: other measures
  • Transparency and beneficial ownership of legal arrangements
  • Regulation and supervision of DNFBPs
  • International instruments

It is essential for Myanmar to take immediate action to address these shortcomings and improve its overall compliance with the FATF Recommendations.