FATF Recognizes Myanmar’s AML/CFT Implementations and Increases Annual Evaluation Level

          The Central Bank of Myanmar made a public announcement regarding the recognition of FATF and APG on Myanmar’s AML/CFT Implementation and increase of annual evaluation level on 9 June.  

Announcement

1.   The Central Bank of Myanmar (CBM) has announced on 22 October 2022 that Myanmar has been transferred from the country list with Jurisdictions Under Increased Monitoring to the country with High-Risk Jurisdictions Subject to A Call for Action by the Financial Action Task Force (FATF). Now, there have been improvements due to the pragmatic collaboration of Myanmar.

2.   Myanmar has been continuously formulating the processes for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), and Proliferation of Weapons of Mass Destruction in accordance with criteria and determinants of the FATF and the recommen­dations of the Asia Pacific Group on Money Laundering.

3.   The CBM submits progressive reports on implementations of those processes to the Asia Pacific Joint Group-APJG four-monthly and Myanmar representatives attended the face-to-face meeting of the APJG and discussed with the APJG.

4.   As the good outcomes, Myanmar has been promoted to largely compliant (LC) as attaining five immediate outcomes in total from 2021 to 2024 which are— two immediate outcomes in 2021 involving appointing enough authorities to monitor the non-financial businesses and vocational businesses and scrutinizing and inspecting the banks; one immediate outcome in 2022 which was offering training the supervisory authorities for proliferation financing through providing the financial support for WMDs (PFTFS); one immediate outcome in 2023 which was knowledge sharing and monitoring the reporting bodies for the PFTFS; and one outcome in 2024 which was gems, gold dealers and real property risk-based monitoring.

5.   In addition, Myanmar has been promoted to the largely compliant (LC) the annual evaluation report by the APG on 25 recommendations in the Sustainable Development Report (2023) as the CBM submits the Sustainable Development Report to the APG annually. The CBM also is making steadfast effort to get level promoted in 2024 with regard to two recommendations.

6.   Accordingly, the CBM is hereby announcing to the public that Myanmar’s implementations of AML/CFT have been increased level by the FATF and APG with Annual Evaluation Level.

The Central Bank of Myanmar

9 June 2024

Source: GLNM (10-6-2024)

  • Myanmar has been continuously formulating the processes for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in accordance with criteria and determinants of the FATF.
  • Myanmar has been promoted to the largely compliant (LC) the annual evaluation report by the APG on 25 recommendations in the Sustainable Development Report (2023).
  • The CBM also is making steadfast effort to get level promoted in 2024 with regard to two recommendations.
engdate: 
Monday, June 10, 2024 - 21:00
month: 
June, 2024