Myanmar-Burma Myanmar (Burma)

New Documents

HM Treasury’s Office of Financial Sanctions Implementation issued a new general license to permit payments to the Financial Conduct Authority from a designated person, or on behalf of a designated person, pursuant to the Sanctions and Anti-Money Laundering Act 2018.

The Office of Foreign Assets Control released a cumulative list of changes made to the list of Specially Designated Nationals and Blocked Persons between Jan. 1, 2024, and June 20, 2024.

News

Enforcement Actions

India’s Financial Intelligence Unit penalized the Cayman Islands-based cryptocurrency exchange platform to resolve allegations of violations of the Prevention of Money Laundering Act 2002.

The U.S. Securities and Exchange Commission ordered the Chicago, IL-based business communication and marketing services provider to pay a civil penalty of $2,125,000 to settle violations relating to cybersecurity incidents and alerts in late 2021.


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