Financial Crime World

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MYANMAR FALTERS IN ANTI-MONEY LAUNDERING EFFORTS

YANGON, MYANMAR - A recent assessment of Myanmar’s anti-money laundering (AML) framework has revealed significant shortcomings in the country’s efforts to combat financial crime.

Assessment Highlights Weaknesses in AML Framework

The Mutual Evaluation Report 2018, conducted by the Asia-Pacific Group on Money Laundering, assessed Myanmar’s compliance with the Financial Action Task Force (FATF) Recommendations. The report found that Myanmar scored poorly in several key areas, including customer due diligence, record keeping, and reporting of suspicious transactions.

Key Areas for Improvement

The report highlighted several areas where Myanmar needs to improve:

  • Customer Due Diligence: Strengthening requirements for financial institutions
  • Record Keeping: Improving practices for suspicious transactions
  • International Cooperation: Enhancing cooperation with partners on asset recovery

Non-Compliance in Critical Areas

Myanmar was deemed “non-compliant” in seven areas, including:

  • Targeted financial sanctions related to proliferation
  • International cooperation on asset recovery

Recommendations for Improvement

To address these shortcomings, the Myanmar government will need to take concrete steps to strengthen its AML framework and ensure greater transparency and accountability in the country’s financial system.

KEY FINDINGS

  • Partially compliant in 18 out of 40 key requirements
  • Non-compliant in seven areas
  • Myanmar needs to improve customer due diligence, record keeping, and international cooperation on asset recovery

NEXT STEPS

The Myanmar government will need to take concrete steps to strengthen its AML framework, including:

  • Revising existing laws and regulations
  • Enhancing enforcement mechanisms
  • Increasing international cooperation on anti-money laundering efforts