FATF TO REVIEW MYANMAR OVER MONEY LAUNDERING CONCERNS

Frontier Myanmar on 5th November reported that the “poor results” in the mutual evaluation review mean Myanmar will automatically be reviewed by the International Co-operation Review Group (ICRG) of FATF, and may be placed on a black or grey list following that review.  Myanmar was removed from the FATF’s list of high-risk and monitored jurisdictions in 2016 following some limited reforms.  The Asia/Pacific Group on Money Laundering released the report on October 22nd, and it said that despite Myanmar being exposed to “a large number of very significant” money laundering threats, the authorities did not demonstrate a “credible understanding” of the risks.  By Myanmar’s own estimate, proceeds of crime are likely to total around US$15 billion a year, or around 24% of GDP, and it was estimated that 63% of this figure was derived from tax and excise evasion, environmental crime, and corruption and bribery.  Almost 50% of proceeds were generated by activities carried out by transnational crime groups and 35% by domestic organised crime.

https://frontiermyanmar.net/en/fatf-to-review-myanmar-over-money-laundering-concerns

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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