Myanmar (Burma)

New Documents

U.S. Treasury Secretary Janet Yellen signed a determination implementing a $60 per barrel price cap on Russian origin crude oil pursuant to Executive Order 14071.

The European Court of Justice annulled restrictive measures designating former Russian politician Dmitry Vladimirovich Ovsyannikov on the EU Russian sanctions’ list, finding that he no longer served in a functional capacity to advance policies that undermine the territorial integrity of Ukraine.

News

Enforcement Actions

The Office of the Attorney General of Switzerland issued a CHF 4 million penalty against the Swiss company for failing to take necessary and reasonable organizational actions in order to prevent bribery payments to foreign officials in South Africa.

The U.S. Securities and Exchange Commission ordered the Zurich, Switzerland-based electrification and automation technology company to pay a $75 million civil monetary penalty, $58 million in disgorgement, and prejudgement interest of $14,554,267 for violating the Foreign Corrupt Practices Act.


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 : 17 Substantial : 0
Partially Compliant : 14 Moderate : 1
Non-Compliant : 2 Low : 10

No longer a"graylisted" country as of June 24, 2016. Myanmar's technical compliance was re-rated in a Aug. 24, 2022 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