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Myanmar’s Anti-Money Laundering Laws Face Scrutiny

A recent report has shed light on Myanmar’s efforts to combat money laundering, revealing a mixed bag of compliance with international standards.

Assessment of Compliance

The report assessed Myanmar’s implementation of the Financial Action Task Force (FATF) Recommendations and found that:

• Assessing risk and applying a risk-based approach is an area where Myanmar has made significant progress, earning a “largely compliant” rating.
• National cooperation and coordination between different authorities and agencies was also deemed satisfactory, with the country receiving a “compliant” rating in this regard.

Areas for Improvement

However, the report identified several areas where Myanmar needs to improve:

• Laws related to money laundering and terrorist financing were found to be lacking, with the country receiving a “partially compliant” rating for its money laundering offence.
• The report criticized the country’s confiscation and provisional measures, which it deemed inadequate.
• Myanmar was also found to be non-compliant with regard to targeted financial sanctions related to proliferation.

Additional Concerns

Furthermore, the report highlighted concerns about:

• Financial institution secrecy laws
• Customer due diligence
• Record keeping
• Reliance on third parties

Implications for International Cooperation and Trade

The report’s findings are likely to have implications for international cooperation and trade, as well as Myanmar’s ability to attract foreign investment.

Government Response

Myanmar’s government has vowed to implement reforms aimed at strengthening its anti-money laundering regime, but progress has been slow. The latest report is a wake-up call for authorities to take concrete steps to address these shortcomings and bring the country in line with international standards.

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