FATF: ASSESSMENT FOLLOW-UP REPORTS ON MYANMAR, FIJI, CAMBODIA AND BANGLADESH

On 20th August, FATF published follow-up reports for 4 countries which have been subject to mutual evaluation reports on their AML/CFT systems –

Note that the reports deal with technical compliance and NOT effectiveness ratings.

Myanmar – 1st follow-up report from the Asia/Pacific Group on Money Laundering (APG) on Myanmar, which was placed in enhanced follow-up following its MER of October 2018.  Myanmar requested re-ratings of Recommendations: 7, 14, 19 and 24 (which were rated NC); and 1, 10, 13, 26, 36 and 37 (which were rated PC).   APG has welcomed the steps that Myanmar has taken to improve its technical compliance with 1, 7, 10, 13, 14, 19, 24, 26, 36 and 37; and, as a result of this progress, Myanmar has been re-rated on Recommendations 1 and 19.  However, insufficient progress has been made to justify a re-rating of 7, 10, 13, 14, 24, 26, 36 and 37.  Myanmar will remain on enhanced (expedited) follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures.

myanmar

Fiji – 3rd follow-up report from the Asia/Pacific Group on Money Laundering (APG) on Fiji, which had its MER published in September 2016.  Fiji requested re-rating of Recommendation 33, which was rated PC in the MER.   The APG has welcomed the steps that Fiji has taken to improve its technical compliance with R.33 and, as a result of this progress, Fiji has been re-rated to “Compliant” with R.33.  Fiji will remain on enhanced follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures.

fiji1

fiji 2

Cambodia – 2nd (enhanced and expedited) follow-up report from the Asia/Pacific Group on Money Laundering (APG) on Cambodia followed the MER of July 2017 and given the results of the MER, Cambodia was placed in enhanced (expedited) follow-up.  Cambodia requested re-ratings of 14 Recommendations: Recommendation 7 (which was rated NC); Recommendations 1, 2, 8, 16, 19, 22, 26, 28, 33, 34 and 37 (which were rated PC); and Recommendations 6 and 30 (which were rated LC).   The review team concluded that progress to LC had been made on 2 of the 12 Recommendations rated NC or PC (Recommendations 19 and 34), but that insufficient progress had been made to justify re-ratings on the other Recommendations.  Cambodia will remain on enhanced (expedited) follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures.

cambodia

Bangladesh – 3rd follow-up report from the Asia/Pacific Group on Money Laundering (APG) on Bangladesh followed the MER of September 2016, following which Bangladesh was placed on enhanced follow-up.  Bangladesh requested re-ratings in 2018 for 5 Recommendations (Recommendations: 16, 18, 19, 26 and 34).  However, the July 2018 APG Annual meeting concluded that insufficient progress was made to justify a re-rating of these Recommendations.  This year Bangladesh requested re-ratings of the following Recommendations: 9, 16, 18, 26 and 34 (which were rated PC).  APG has welcomed the steps that Bangladesh has taken to improve its technical compliance with 9, 16, 18, 26 and 34 and as a result of this progress Bangladesh has been re-rated on all of these Recommendations.  Bangladesh will remain on enhanced follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures.

bangladesh

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-Follow-Up-Report-Myanmar-2019.pdf

http://www.fatf-gafi.org/media/fatf/content/images/APG-Follow-Up-Report-Fiji-2019.pdf

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-Follow-Up-Report-Cambodia-2019.pdf

http://www.fatf-gafi.org/media/fatf/content/images/APG-Follow-Up-Report-Bangladesh-2019.pdf

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

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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