Myanmar Upgrades Anti-Money Laundering Guidelines Following Progress

Myanmar has made significant strides in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, according to recent assessments by the global authority responsible for setting standards against money laundering and terrorist financing.

FATF Upgrade: A Significant Milestone

The country’s efforts have led to an upgrade in its rating on several key recommendations by the Financial Action Task Force (FATF). Specifically:

• Recommendations 10, 12, and 13, previously classified as partially compliant, are now largely compliant.
• Recommendations 14 and 24, initially non-compliant, have improved to partially compliant.

However, Myanmar’s level of compliance on recommendation 15, which concerns the confiscation of proceeds from money laundering, has taken a step back due to new FATF obligations. As a result:

• The country’s rating on this recommendation has been downgraded from largely compliant to partially compliant.

Enhanced Follow-Up: A Continued Commitment

Despite this setback, Myanmar will continue to be placed under enhanced (expedited) follow-up by the Asia-Pacific Group on Money Laundering (APG), a regional body responsible for monitoring and evaluating AML/CFT efforts. The country is expected to:

• Provide regular updates to the APG on its progress in strengthening its implementation of AML/CFT measures.
• Remain committed to combating money laundering and terrorist financing.

By continuing to work towards improving its anti-money laundering and combating the financing of terrorism measures, Myanmar demonstrates its commitment to international cooperation and efforts to prevent financial crimes.