Myanmar (Burma)

New Documents

The Bank for International Settlements’ Innovation Hub published its work program for the 2021-22 fiscal year, highlighting central bank digital currencies, cybersecurity, and other areas of focus.

The United Kingdom’s Prudential Regulation Authority published Policy Statement 1/21 to make minor consequential amendments to the Notification Form and other updates to Senior Managers and Certification Regime Form L.

News

Enforcement Actions

Luxembourg’s Commission de Surveillance du Secteur Financier issued a €45,000 fine against the Grevenmacher, Luxembourg-based investment fund manager after an on-site inspection identified isolated anti-money laundering and counterterrorist financing compliance failures.

The U.S. Justice Department entered into a deferred prosecution agreement with the Indonesia-based global supplier of cigarette paper products to resolve charges that the company conspired to commit bank fraud in connection with the shipment of products to North Korean customers.


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. Myanmar is economically underdeveloped and most currency is still held outside of the formal banking system. Widespread drug production, in particular amphetamine-type stimulants, the increased use of credit/debit cards connected to international financial institutions, the proliferation of casinos, and a lack of transparency make Myanmar attractive for domestic and international money laundering. Many business deals and real estate transactions are conducted in cash.  In 2019, the Burmese government made progress regarding its anti-money laundering and counterterrorist financing oversight, issuing two regulations to improve its regulatory framework and passing new casino legislation.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 6 High : 0
Largely Compliant : 14 Substantial : 0
Partially Compliant : 17 Moderate : 1
Non-Compliant : 3 Low : 10

No longer a"graylisted" country as of June 24, 2016. Myanmar's technical compliance was re-rated in a Sept. 4, 2020 follow-up report.

BASEL i

Rank : 3/141
Score : 7.86/10

TRANSPARENCY INTERNATIONAL i

Rank : 130/180
Score : 29/100

Tax Justice Network i

Rank : N/A
Score : N/A