Financial Crime World

MYANMAR: Financial Inclusion Roadmap Launched Amidst Growing Crime Concerns

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The Myanmar government has launched an updated Financial Inclusion Roadmap from 2019-2023 to address financial exclusion and curb crime in the country.

Background

The Making Access Possible (MAP) Myanmar Programme was launched in 2014 with a diagnostic analysis based on a demand-side survey conducted in 2013. However, due to rapid changes in Myanmar’s financial markets, a follow-up study was undertaken in 2018 to update the roadmap.

The New Roadmap

The new roadmap has undergone extensive stakeholder feedback to ensure it reflects realistic priorities going forward. It sets forth a renewed vision and targets for the years ahead, including:

  • Increasing access to financial services
  • Reducing crime
  • Improving financial literacy among the population
  • Enhancing regulatory frameworks

Financial Inclusion in Myanmar

According to estimates, 70% of the population in Myanmar remains unbanked. This lack of access to formal banking channels has created opportunities for criminal activity, such as money laundering and terrorist financing.

The Impact of Financial Exclusion

Experts warn that financial exclusion provides a breeding ground for crime. “Criminals often exploit vulnerable populations who are unable to access formal banking channels, leading to illegal activities such as money laundering and terrorist financing.”

The Roadmap’s Initiatives

The new roadmap includes a range of initiatives aimed at promoting financial inclusion and reducing crime, including:

  • Improving access to mobile banking services
  • Increasing financial literacy among the population
  • Enhancing regulatory frameworks

Challenging Financial Exclusion

The Myanmar government has acknowledged that financial exclusion is a major challenge in the country, citing high levels of poverty, limited access to formal employment, and a lack of trust in the financial system as key factors contributing to the problem.

Conclusion

The launch of the updated Financial Inclusion Roadmap from 2019-2023 is a major step forward in promoting financial inclusion and reducing crime in Myanmar. The roadmap sets forth a renewed vision and targets for the years ahead, including increasing access to financial services, improving financial literacy among the population, and enhancing regulatory frameworks.

As the Myanmar government moves forward with implementing the new roadmap, it will be essential to monitor progress and address any challenges that arise. The goal of achieving full financial inclusion is ambitious, but necessary if the country is to tackle poverty and reduce crime.