Financial Crime World

Myanmar Makes Strides in AML CFT Compliance, FATF Recognizes Progress

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The Government of the Republic of the Union of Myanmar has made significant strides in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. This progress is a testament to Myanmar’s commitment to joining the global fight against money laundering and terrorist financing.

Progress Towards Compliance

Myanmar was previously listed as a “Jurisdiction with strategic AML/ CFT deficiencies” by the Financial Action Task Force (FATF) from 2011 to 2016. However, since then, it has undertaken a mutual evaluation process and implemented measures to strengthen its AML/CFT policies.

Effective Implementation

The Mutual Evaluation Report released in 2018 identified 99 action plans for Myanmar to improve its AML/CFT compliance. The country has made significant efforts to accomplish these plans, achieving key milestones such as:

  • Establishing an AML/CFT Steering Committee chaired by the Vice President of the Republic of the Union of Myanmar
  • Creating consolidated inter-agency task forces for joint supervisions
  • Issuing Presidential Orders and specific directives from relevant government agencies

Tangible Results

As a result, Myanmar has achieved tangible results in improving implementation effectiveness. The country has overcome deficiencies in legislation within three months of its establishment and accomplished many action plans identified in the Mutual Evaluation Report, with only eight remaining to be fulfilled.

FATF Recognition

The FATF has recognized Myanmar’s high-level political commitment to strengthening its AML/CFT regime and praised the country’s proactive pursuit of recommended actions to improve technical compliance and effectiveness since the completion of its Mutual Evaluation Report.

Ongoing Commitment

The Government of the Republic of the Union of Myanmar remains committed to implementing the eight remaining action plans within the next 15 months, demonstrating its continued dedication to reform and its role as a responsible member of the international community.