Myanmar was not added to the same level with Black List countries, North Korea and Iran, which are in the group of Jurisdictions subject to a FATF call on its members and other jurisdictions to apply countermeasure; and necessary action will be taken against fraudulent acts in the financial market, Central Bank of Myanmar released a statement on 22 October.
According to the statement of the CBM, plenary session of Financial Action Task Force-FATF was held on 20 and 21 October, 2022 at FATF headquarters in Paris, France. A Myanmar delegation took part in the plenary sessions which were also attended by delegates representing 106 members of the Global Network and observer organizations, including the International Monetary Fund, the United Nations, the World Bank, INTERPOL and the Egmont Group of Financial Intelligence Units. FATF President T. Raja Kumar released points in connection with Myanmar.
Myanmar was put into High-Risk Jurisdictions subject to a Call for Action from Jurisdictions under increased monitoring list. However, Myanmar was not added to the same level with Black List countries, North Korea and Iran, which are in the group of Jurisdictions subject to a FATF call on its members and other jurisdictions to apply countermeasure, the CBM explained.
All global countries including Myanmar have to observe the 40 Recommendations, which include Targeted Financial Sanction of Proliferation in connection with Anti Money Laundering-AML and Countering the Financing of Terrorism-CFT. Although Myanmar is not an FATF member, it is a member of Asia Pacific Group on Money Laundering-APG, a FATF-type organization.
Myanmar could not meet over 20 points in observing the 40 Recommendations during the targeted period, but it has now met 24 out of the 40 Recommendations.
Myanmar was in the similar category during the period from June 2011 to February 2016. As the country already has the experience of getting off the list, it has already adopted one-year action plans to free itself from the list soonest.
Myanmar will face only the Enhance Due Diligence-EDD of the banks (foreign contacts) in conducting external money transfers. The said banks may continue the former procedures including asking for information and transfer evidence. People should not be over nervous as moving Myanmar into the High-Risk Jurisdictions subject to a Call for Action is not a worrisome situation for the country. People should stay away from committing fraudulent acts in the financial market and necessary action will be taken against any acts that are against the rules of Central Bank of Myanmar, the CBM stated in a statement.
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