Myanmar endeavouring to be removed from FATF money-laundering watchlist

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Officials from the Financial Action Task Force-FATF are seen on the second day of the latest plenary session in Berlin, Germany. Photo via FATF Twitter

Governor Daw Than Than Swe of the Central Bank of Myanmar (CBM) remarked on 19 September at a meeting highlighting on activities to improve Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures and further plans of the banks that Myanmar has been making a concerted efforts to be removed from Fintancial Action Task Force-FATF’s watchlist.
The FATF places jurisdiction under Increased Monitoring on Myanmar. The CBM stated the country is trying to be off the FATF’s watchlist and the CBM conducted bank risk assessment, on-site inspection and off-site monitoring as per the Action Plan. Additionally, the CBM is monitoring whether the strategic deficiencies identified by Action Plan can be resolved along with the related banks within a reasonable timeframe.
Furthermore, awareness of AML/CFT to counter money laundering, terrorist financing, and proliferation financing are being conducted for non-bank financial institutions and mobile money operators. High-level officials of the local banks, executive members and administration officials realize the importance of AML/CFT. The governor of the CBM directed the officials attending the meeting to lay down policies and regulations and give power and support to the bank’s compliance team.
Moreover, banks have to be committed to confidentiality. The CBM has been finalizing the manual of the regulation for international money transfer companies and it will be released soon. Those money transfer companies will be inspected in line with that manual, she highlighted.
Myanmar was identified as a jurisdiction under Increased Monitoring in February 2020. — TWA/GNLM

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