FATF: MYANMAR AND SLOVENIA AML/CFT ASSESSMENTS FOLLOW-UP REPORTS

On 9 August, FATF published follow-up reports for Myanmar and Slovenia.  As is usual with such reports, they deal with technical compliance and not effectiveness ratings.

The mutual evaluation report (MER) of Myanmar was published in October 2018. This report from FATF-style regional body APG says that Myanmar has made some good progress to address the deficiencies identified in the MER. However, moderate deficiencies remain.  It has been re-rated on 3 FATF Recommendations – Recommendations 22 and 23 are re-rated from Partially Compliant to Largely Compliant; and Recommendation 19 is re-rated from Partially Compliant to Compliant.  Myanmar will remain in enhanced (expedited) follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures. Myanmar’s next progress report is due 1 February.

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-Follow-Up-Report-Myanmar-2021.pdf

The report on Slovenia was prepared by MONEYVAL and says that Slovenia has made progress in addressing the technical compliance deficiencies identified in its 5th Round mutual evaluation report (MER), which had been adopted in June 2017.  FATF Recommendation 12 is re-rated from Partially Compliant to Compliant; and Recommendations 6, 7, 8, 13, 26 and 28 have been rated from Partially Compliant to Largely Compliant.  It is also said that measures taken by the Slovenian authorities with respect to VASP are partly in compliance with the revised requirements of Recommendation 15 due to deficiencies in the definition of VASP, and therefore, for this Recommendation, Slovenia has been re-rated as PC.  Slovenia will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures. It is expected to report back to the Plenary within 1 year.

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/Moneyval-FUR-Slovenia-2021.pdf

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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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