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Myanmar Makes Progress on Anti-Money Laundering Regulations, but Remains Under Scrutiny

Improved Rating and Compliance

In a significant development, Myanmar has made substantial progress in addressing shortcomings identified in its 2018 Mutual Evaluation Report. As a result, the country has been upgraded to a “Largely Compliant” rating on several anti-money laundering (AML) and combating the financing of terrorism (CFT) recommendations.

Specific Improvements

• Recommendations 10, 12, and 13 have been re-rated as “Largely Compliant”, previously classified as “Partially Compliant”.
• Recommendations 14 and 24 have improved to “Partially Compliant” from their previous rating of “Non-Compliant”.

Challenges Remain

However, due to new obligations under Recommendation 15 of the Financial Action Task Force (FATF), Myanmar’s overall level of compliance has been downgraded from “Largely Compliant” to “Partially Compliant”. The country will continue to be placed under enhanced follow-up and will be required to provide regular reports to the Asia-Pacific Group on Money Laundering (APG) detailing its progress in strengthening its AML/CFT measures.

Continued Commitment Required

Myanmar’s commitment to implementing effective anti-money laundering regulations remains a priority. It is essential that the country continues to make significant strides in this area to avoid further criticism from international authorities.