FATF adds Myanmar to list of high-risk countries

Financial Action Task Force (FATF) has added Myanmar to the list of high-risk countries, known as ‘Black List’ with ‘strategic deficiencies in regimes to counter money laundering, terrorist financing, and proliferation financing’. Myanmar is the third country to be added in this list along with North Korea and Iran. Myanmar was added to the FATF list of high-risk countries for its failure to address strategic deficiencies as committed by it in February 2020.

FATF called upon its member states to apply due diligence measures in financial dealings with Myanmar proportionate to the risk without hindering flow of funds for humanitarian assistance, legitimate Non-Profit Organisation (NPO) activity and remittances. It called upon Myanmar to take steps to demonstrate an increase in freezing and seizing and confiscation of criminal proceeds and property of equivalent value.

Countries like Myanmar included in the list of jurisdictions subject to a call for action are required to take steps to counter money laundering, terrorist financing and financing of proliferation. The meeting of the FATF under the Presidency of Singapore concluded yesterday. Delegates from over 200 jurisdictions of the Global Network participated in the discussions at its headquarters in Paris.