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Burma (Myanmar)


beginning 01/11/2017

Following the late completion of its National Risk Assessment, and with its in-country visit scheduled for November 2017, Burma (Myanmar) was at a crucial stage in the lead up to its Mutual Evaluation. It faced very stringent fourth round of Financial Action Task Force (FATF) standards, with the country-wide understanding of risk and harm subject to particular scrutiny. The recently-completed National Risk Assessment must now be used to demonstrate the effectiveness of the Anti-Money Laundering/Combatting the Financing of Terrorism (AML/CFT) regime.

GovRisk has previously worked with Burma’s Financial Intelligence Unit (FIU), and identified the country as highly likely to be referred to the International Country Risk Guide (ICRG) based on the Mutual Evaluation results, which will result in the country’s grey/black listing. Despite the development of a comprehensive National AML/CFT Strategy, the establishment of working groups and early-stage implementation efforts, Burma faces a considerable challenge to ensure the local context is effectively communicated and understood during the assessment process and that assessors do not give the country an unduly poor result. Following the assessment, the result will determine the work the country must undertake to be removed from the “grey-list” and will be a major barometer for the development of the regulatory regime.

By strengthening the ability of competent authorities to respond to the FATF assessment process, this project will help Burma avoid an unjustly poor result. Additionally supporting authorities to actively engage with the assessment process will thereby drive reforms to the AML/CFT regime, in line with international standards.

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