Myanmar (Burma)

New Documents

Switzerland’s Federal Council announced that the Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology will enter fully into force on Aug. 1, 2021.

HM Treasury’s Office of Financial Sanctions Implementation published a notice concerning amendments made to the identifying information of one individual designated pursuant to the Russia (Sanctions) (EU Exit) Regulations 2019.

News

Enforcement Actions

The Reserve Bank of India issued a monetary penalty of 12 lakh rupees against the Mumbai, India-based financial institution for violating know-your-customer rules.

The Reserve Bank of India issued a monetary penalty of 10 lakh rupees against the Maharashtra, India-based bank for not adhering to the know-your-customer requirements.


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