Myanmar (Burma)

New Documents

The European Council issued a press release summarizing foreign policy debates amongst member states during the Foreign Affairs Council meeting.

The U.S. Justice Department announced that Pavel Stassi and Aleksandr Skorodumov were sentenced for their roles in a scheme to provide “bulletproof hosting” services to cybercriminals between 2009 to 2015.

News

Enforcement Actions

The Malta Financial Intelligence Analysis Unit issued an administrative measure imposing two fines totaling €337,422 on the Sliema, Malta-based financial institution for breaches of the Prevention of Money Laundering and Funding of Terrorism Regulations.

The Financial Supervisory Authority of Sweden, Finansinspektionen, issued an injunction to take remedial action against the Sweden-based subsidiary of Danske Bank A/S, requiring it to assess how its products and services may be used for money laundering or terrorist financing.


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 : 16 Substantial : 0
Partially Compliant : 14 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 July 26, 2021 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