FATF classifies Myanmar as high risk for money laundering, terrorist financing

The Financial Action Task Force (FATF) designated Myanmar as a high-risk jurisdiction with “significant strategic deficiencies” regarding its anti-money laundering (AML), countering the financing of terrorism (CFT), and financing of proliferation prevention efforts.

The intergovernmental organization called on its members to apply enhanced due diligence on business relations and transactions with Myanmar, it said Friday in a press release.

Myanmar, currently embroiled in a civil war escalated by a military coup last year, entered into a strategic plan to improve its AML/CFT deficiencies in February 2020. That plan expired in September 2021. Since then, the FATF determined the country’s plan has seen a “continued lack of progress and the majority of its action items still not addressed after a year.”