1. In recent years Myanmar has opened up to the international community through an ongoing process of democratization, alongside a multitude of other key reform amidst equally multidimensional challenges. In doing so, the Government of the Republic of the Union of Myanmar has taken on a range of regional and global commitments, amongst the most important of which has been to join the fight against money laundering, and the financing of terrorism.
2. With respect to the Financial Action Task Force’s (FATF) anti-money laundering (AML) and countering the financing of terrorism (CFT) designations, Myanmar had been included amongst a list of “Non-Cooperative Countries and Territories (NCCT)” from 2001 to 2006. Subsequently, Myanmar was counted amongst “Jurisdictions with strategic AML/ CFT deficiencies” that have not made sufficient progress from 2011 to 2016. In 2017, Myanmar undertook a mutual evaluation, an extensive assessment by regional peer countries that identified areas for improvement in its AML and CFT policies. As part of this process, the FATF’s evaluation methods became more stringent in such a way that not only regulatory standards but also implementation effectiveness, were measured. As a result of the Mutual Evaluation Report (MER) released in 2018, 99 action plans were identified to strengthen Myanmar’s AML/CFT compliance.
3. Myanmar has made significant efforts in accomplishing these action plans through the establishment of the AML/CFT Steering Committee chaired by the Vice President of the Republic of the Union of Myanmar, the establishment of consolidated inter-agency task forces to conduct joint supervisions, and the issuance of Presidential Orders followed by specific directives issued by relevant government agencies. With this high political commitment, the Steering Committee managed to overcome deficiencies in legislation within three months of its establishment and has achieved many other tangible results in improving implementation effectiveness. As a result of this progress, Myanmar has managed to accomplish a significant number of action plans identified in the Mutual Evaluation Report, of which only eight now remain to be fulfilled.
4. The FATF has recognized Myanmar’s high-level political commitment to strengthening the effectiveness of its AML/CFT regime. The FATF has also stated that, since the completion of Myanmar’s Mutual Evaluation Report, Myanmar has proactively pursued a number of its MER recommended actions to improve technical compliance and effectiveness.
5. The Government of the Republic of the Union of Myanmar remains resolute in its commitment to implementing the eight remaining action plans within the next 15 months, and to continuing its reform journey as a responsible member of the international community.
Anti-Money Laundering and Combating the Financing of Terrorism Working Committee
Ref: The Global New Light of Myanmar