Myanmar added to list of high-risk countries by FATF

Financial Action Task Force(FATF) has included Myanmar on the list of high-risk countries called as ‘Black List’ with ‘strategic deficiencies in regimes to counter money laundering, terrorist financing, and proliferation financing.

Myanmar is the third to be listed along with North Korea and Iran. The city was added to the FATF list of high-risk nations for its failure to mark strategic deficiencies as committed by it in February 2020. 

Financial Action Task Force (FATF), following a Plenary meeting in Paris, subjects to a call for action in a high-risk jurisdiction, often referred to as FATF’s black list. Myanmar was added to the list: FATF pic.twitter.com/udHB61zubV

— ANI (@ANI)
October 21, 2022

FATF meeting: Key details

1. FATF asked its member states to apply due diligence steps in financial dealings with Myanmar proportionate to the risk without hindering the flow of funds for humanitarian assistance, legitimate Non-Profit Organisation (NPO) activity, and remittances. 
2. The Force called upon Myanmar to take measures to demonstrate an increase in freezing and seizing and confiscation of criminal procedure and property of equivalent value.
3. Countries like Myanmar included in the list of jurisdictions subject to a call for action are needed to take steps to contrast money laundering, terrorist financing, and financing of proliferation. 
4. The meeting of the FATF under the Presidency of Singapore ended on October 22, 2022. Officials from over 200 jurisdictions of the Global Network participated in the discussions at its headquarters in Paris.

What do you mean by FATF?

1. The Financial Action Task Force is an intergovernmental organization formed in 1989.
2. The organization was formed on the initiative of the G7 to enhance policies to combat money laundering and to maintain some interest. 
3. Its mandate was also expanded in 2001 to include terrorism financing.
4. FATF aims to set standards and boost the effective implementation of regulatory, legal, and operational measures for combating money laundering, terrorist financing, and other threats related to the integrity of the International financial system.
5. FATF is a policy-building body that works to create the necessary political will to bring about national legislative and regulatory reforms in these areas. 
6. The organization checks the progress in implementing its recommendations through “peer reviews” of member nations.

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