Paris, 23 October 2015 - The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.
Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdictions. |
Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies. The FATF calls on its members to consider the risks arising from the deficiencies associated with each jurisdiction, as described below. |
Myanmar has taken important steps towards improving its AML/CFT regime, including by issuing AML and CFT Rules and strengthening customer due diligence requirements for the financial sector. However, despite Myanmar’s high-level political commitment to work with the FATF and APG to address its strategic AML/CFT deficiencies, Myanmar has not made sufficient progress in implementing its action plan, and certain strategic deficiencies remain. Myanmar should continue to implement its action plan to address these deficiencies, including by: (1) adequately criminalising terrorist financing; (2) implementing the procedures to identify and freeze terrorist assets; and (3) ensuring an operationally independent and effectively functioning financial intelligence unit. The FATF encourages Myanmar to address the remaining deficiencies and continue the process of implementing its action plan.
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