Myanmar Stays on FATF High-Risk List Amid Scam Concerns

Myanmar will remain on the Financial Action Task Force’s high-risk jurisdictions list after the agency said the country still has major gaps in its anti-money laundering and countering the financing of terrorism regime. The decision keeps Myanmar under enhanced due diligence measures as concerns persist over cyber scam-related financial risks.

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FATF Keeps Pressure On

According to the June 19 FATF statement, Myanmar remains strategically deficient in its AML/CFT regime. Since October 2022, the FATF has been issuing a call for action as the country’s action plan expires in September 2021, and the majority of the requested items have not been implemented yet within the expected timeline.

The agency said financial institutions should raise the level and scope of monitoring on business relationships linked to Myanmar. This step is taken to be able to detect whether a transaction or activity is unusual or suspicious.

Myanmar will remain listed by FATF until its whole action plan has been completed. If there will not be any further progress until October 2026, the FATF has stated that it will impose measures against Myanmar.

Steps Taken So Far

The FATF noted that Myanmar has taken some measures during the latest reporting cycle to improve its framework. Those steps included greater use of financial intelligence in law enforcement investigations, as well as work on transnational money laundering cases with international cooperation.

The agency also said Myanmar had increased the freezing, seizing, and confiscation of criminal proceeds, assets, and property of equivalent value. Even so, it said the country must urgently work to carry out the rest of its action plan.

Remaining requirements include increasing operational analysis and dissemination by the financial intelligence unit and making sure money laundering cases are investigated and prosecuted in line with the country’s risks.

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Fraud And Cyber Scams

The FATF also pointed to continuing concerns over illegal finance linked to fraud and cyber scam activity. It said those activities in Myanmar remain extensive and present significant illicit finance risks, even after measures such as the formation of a national committee to combat online fraud and gambling.

The agency also noted efforts to strengthen regional and international cooperation. Despite those steps, it said Myanmar still needs to address the illicit finance risks tied to fraud and cyber scam threats, while also considering victims of trafficking by criminal groups.

The report keeps the focus on how cyber-enabled crime continues to shape Myanmar’s risk profile. For the FATF, those concerns remain central to the country’s continued placement on the high-risk list.

Humanitarian Efforts Safeguarded

Despite the increased and enhanced due diligence, the FATF emphasized that such measures should not impede or dissuade humanitarian work, legitimate charitable work, or money transfer. Specifically, the FATF clarified that aid for the earthquakes and civil society in Myanmar should not be unduly disrupted.

That distinction means the FATF is pressing for tighter financial monitoring while still making clear that essential humanitarian channels should remain open. The agency’s latest position leaves Myanmar under continued scrutiny until its action plan is fully carried out.

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Source: Asia Gaming Brief