Financial Crime Prevention Methods in Myanmar Lagging Behind, Experts Say

Despite efforts to strengthen its financial crime prevention measures, Myanmar’s progress remains limited, according to a recent report.

Challenges in Addressing Technical Compliance Deficiencies

Myanmar has made some strides, but still faces significant challenges in addressing technical compliance deficiencies. The country’s financial system is at risk of being exploited by criminal networks and terrorist organizations due to its lack of compliance with international standards for preventing financial crime.

Improvement in Recommendation 14

One area where Myanmar has shown improvement is Recommendation 14, which assesses the effectiveness of its anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. The country has been re-rated as Largely Compliant, a positive step forward.

Outstanding Recommendations

However, progress on other key recommendations remains lacking. Recommendations 7, 8, 24, and 26 have yet to see significant improvements, with Myanmar failing to meet its commitments in these areas.

• These deficiencies put the country’s financial system at risk of being exploited by criminal networks and terrorist organizations.
• Myanmar still has a significant number of outstanding recommendations, with 13 remaining Partially Compliant.

Consequences of Failure

Experts warn that Myanmar’s failure to address these deficiencies could have far-reaching consequences, including:

• Damage to its economy
• Reputation damage

Call to Action

The government must take immediate action to address these shortcomings and implement effective measures to prevent financial crime. It is essential for Myanmar to strengthen its financial crime prevention methods to protect its economy and reputation.

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