Myanmar on financial surveillance!

Dhaka, Wednesday   08 April 2020


Myanmar on financial surveillance!

 International Desk

 Published: 10:53 PM, 19 February 2020  



Myanmar’s name is going to be on the list of global financial surveillance agencies for money laundering. The country is being listed for drug trafficking opportunities and poor financial control, according to a report of Reuters, citing two sources.  

Myanmar’s name in the gray list of the Paris-based Financial Action Task Force (FATF) means the intergovernmental organization has found a “Strategic deficiencies” in the country’s ability to tackle money laundering and financing terrorism.

Getting a name on the list does not mean imposing sanctions. But inclusion on the list will reduce Myanmar’s financial development, investment and trade flow. The decision is expected to be made this week.

Meanwhile, Myanmar’s head of the Financial Intelligence Unit, Kayo Win Thein, is attending a meeting of the FATF in Paris this week.

“Myanmar is not on the gray list yet,” he told Reuters. The decision will be taken at Thursday’s meeting.

Two officials involved in the investigation of FATF’s proceedings and Myanmar have said that the anti-money laundering action plan has not yet been fully implemented. And that’s why the country is on the gray list at this week’s meeting.

The FATF usually announced the decision Friday after the meeting.

Kayo Win Thein said the Myanmar government is working on a strategic plan to curb trafficking.

Earlier, Myanmar was exempted from the FATF’s list in 2016 in order to make progress in tackling money laundering and terrorist financing. But then again, in some cases, the country was once again grayed out for failure. At present, 12 countries are on the list.