The decision by the Financial Action Task Force to include Myanmar on its “grey list”, which Reuters reported on this week, puts the South-East Asian nation on notice to make good on a “high-level” commitment to strengthen its anti-money laundering regime.
A spokesman for Myanmar’s government could not be contacted on Friday but its representative at this week’s FATF meetings, Kyaw Win Thein, told Reuters on Wednesday that the country had a detailed strategic implementation plan to counter money-laundering. The FATF, an inter-governmental agency based in Paris, said in a statement that Myanmar had “made progress”.
This included introducing legislative measures to curb money-laundering and new regulations for its cash-based remittance system.In a 2018 report, the FATF found “Myanmar faces extremely high levels of proceeds-generating crimes” and was “exposed to a large number of very significant money laundering threats”. — Reuters
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