Financial Crime World

US Government Issues Advisory on Risks in Burma (Myanmar)

The United States government has issued a formal advisory warning companies of heightened risks associated with doing business in Burma (Myanmar). The advisory emphasizes the need for companies to be aware of and mitigate risks related to human rights, money laundering, and corruption.

Key Points from the Advisory

  • Conduct thorough due diligence: Companies operating in Burma should conduct thorough due diligence to ensure compliance with international laws and standards.
  • Investigate potential human rights abuses: Businesses should investigate potential human rights abuses and take steps to prevent them.
  • Be aware of money laundering risks: Money laundering risks are particularly high in Burma’s gems and precious metals sector and real estate sector. Companies should be aware of red flags for potential money laundering, such as:
    • Unexplained geographic distance between agent, customer, and property
    • Unclear true beneficial ownership or controlling interest
    • High-value cash payments
    • Other

Guidance on Human Rights Due Diligence

The advisory provides guidance on human rights due diligence tools, including:

  • US Department of Labor’s Comply Chain: A tool for conducting human rights due diligence.
  • UN Guiding Principles on Business and Human Rights: A set of principles for businesses to respect human rights.

Contact Information

For further information or assistance, please contact:

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