Myanmar (Burma)

New Documents

The U.S. Justice Department unsealed a 21-count superseding indictment filed in the Eastern District of New York that charges 36 alleged members of a New York City-based street gang with conspiring to distribute drugs, firearms trafficking and money laundering, among other crimes.

The U.S. Attorney’s Office for the Eastern District of Wisconsin filed an indictment accusing five defendants of participating in a scheme to file fraudulent loan applications seeking more than $1.1 million in forgivable Paycheck Protection Program loans.

News

Enforcement Actions

The Securities and Futures Commission issued a disciplinary action against the Hong Kong-based subsidiary of The Goldman Sachs Group, Inc., requiring it to pay a $350 million fine for serious supervisory, risk, compliance and anti-money laundering controls deficiencies.

The Monetary Authority of Singapore announced that Goldman Sachs Singapore Pte, the Singapore-based entity of Goldman Sachs Group Inc. will pay a $122 million fine and $61 million in disgorgement to settle its involvement in the 1MDB scandal.


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