Myanmar (Burma)

New Documents

The Federal Reserve Board has finalized the implementation details for the new Fedwire Funds Service messaging format, ISO 20022, which is set to be adopted on March 10, 2025.

U.S. President Joseph R. Biden, Jr. issued a proclamation increasing duties on certain items from the Russian Federation and Belarus.

News

Enforcement Actions

The Reserve Bank of India imposed a fine of ₹57.50 lakh on the Chennai, India-based bank for regulatory shortcomings, including non-compliance with the regulator’s anti-fraud directive.

The Federal Deposit Insurance Corporation and the Iowa Superintendent of Banking issued a joint consent order against the Luana, Iowa-based bank, requiring it to address unsound banking practices.


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