Myanmar-Burma Myanmar (Burma)

New Documents

The Financial Transactions and Reports Analysis Centre of Canada published guidance for banks and other financial institutions on conducting transactions related to the Islamic Republic of Iran.

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News

Enforcement Actions

India’s Financial Intelligence Unit penalized the Odisha, India-based bank for failure to adhere to its anti-money laundering obligations under the Prevention of Money Laundering Act, 2002.

India’s Financial Intelligence Unit imposed a monetary fine on the Odisha, India-based bank for failure to adhere to its anti-money laundering and counterterrorist financing obligations.


Key Documents

Important Facts

  • The U.S. State Department lists Myanmar (Burma) as a major money laundering jurisdiction. It is not a regional or offshore financial center. It remains vulnerable to money laundering due to its sizable illicit economy and underdeveloped banking sector.  This includes products such as gemstones, timber, and narcotics. Widespread drug production, the proliferation of casinos, and the use of remittance networks adds to the government's inability to exercise control over the country's sovereign borders and combat international money laundering. The country's technical capacity to effectively implement and enforce anti-money laundering regulations and practices remains limited.
-Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 7 High : 0
Largely Compliant : 18 Substantial : 0
Partially Compliant : 13 Moderate : 1
Non-Compliant : 2 Low : 10

Myanmar's technical compliance was re-rated in a Oct. 25, 2023 follow-up report.

BASEL i

Rank : 107/110
Score : 7.83/10

TRANSPARENCY INTERNATIONAL i

Rank : 137/179
Score : 28/100

Tax Justice Network i

Rank : N/A
Score : N/A