Myanmar Upgrades Anti-Money Laundering Standing Following Progress in Implementation of Recommendations

Myanmar has made significant strides in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, leading to an upgrade in its rating on several key recommendations.

Progress in Implementing AML/CFT Measures

According to recent assessments, Myanmar has moved from Partially Compliant to Largely Compliant on Recommendations 10, 12, and 13. Additionally, Recommendations 14 and 24 have been upgraded from Non-Compliant to Partially Compliant.

Key Upgrades

• Recommendation 10: Enhanced customer due diligence requirements for financial institutions
• Recommendation 12: Improved risk assessment processes for identifying high-risk customers
• Recommendation 13: Strengthened monitoring of cross-border transactions
• Recommendation 14: Enhanced reporting mechanisms for suspicious transactions
• Recommendation 24: Increased transparency in beneficial ownership information

Challenges Remain

Despite these upgrades, Myanmar’s rating on Recommendation 15, which concerns international cooperation in AML/CFT matters, has slipped back to Partially Compliant. This setback is due to new obligations under the Financial Action Task Force (FATF).

Enhanced Follow-Up Status

As a result of this setback, Myanmar will continue to be placed in enhanced follow-up status and is required to report regularly to the Asia-Pacific Group on Money Laundering (APG) on its progress in strengthening AML/CFT measures.

Overall, while there are still challenges to overcome, Myanmar’s progress in implementing AML/CFT measures is a positive step towards combating financial crimes.