FATF Blacklists Myanmar, Calls for Due Diligence To Transactions in Nation

• Money laundering and terrorist financing watchdog Financial Action Task Force (FATF) has put Myanmar on the “black list” and has called on members to apply enhanced due diligence to business relations and transactions in Myanmar
• In June 2022, the FATF strongly urged Myanmar to swiftly complete its action plan by October 2022 or the FATF would call on its members and urge all jurisdictions to apply enhanced due diligence to business relations and transactions with Myanmar. FATF said that given the continued lack of progress and the majority of its action items still not addressed after a year beyond the action plan deadline, the FATF decided that further action was necessary in-line with its procedures. FATF called on its members and other jurisdictions to apply enhanced due diligence measures proportionate to the risk arising from Myanmar.

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Published date : 25 Oct 2022 05:05PM