A N international organization has warned that Myanmar has a high chance of falling back into the category of “high-risk” countries on an international money-laundering watchlist because of its failure so far to impose and enforce adequate safeguards.
It has warned that Myanmar’s likely return next year to the “grey list” of states compiled by the Financial Action Task Force (FATF) could reduce the investment appetite of risk-averse international banks and give the US more leverage to re-impose financial restrictions.
The Paris-based FATF, an intergovernmental organization, removed Myanmar from the list of states deemed weak in combating money laundering and terrorist financing in June, 2016, based on progress the country had made on those fronts.
Both the International Monetary Fund (IMF) and the Yangon-based Myanmar Centre for Responsible Business (MCRB) have also cautioned that the country needs to make significant progress by the end of this year to avoid returning to the grey list.
The caution has alerted us to the need for enforcing measures to fight against offenses related to terrorism and financing of terrorism, trafficking in humans and smuggling of migrants, illicit trafficking of narcotic drugs and psychotropic substances, illicit drugs trafficking, trafficking of stolen and other illicit goods, corruption, fraud, counterfeit money, counterfeit goods, murder or causing grievous bodily harm, kidnapping, illegal restraint and hostage-taking, robbery or theft, smuggling, extortion, forgery, converting or transferring any money and property known, or believed, to have been obtained through the commission of an offence.
In fighting money laundering, we need to ensure that the Monetary Intelligent Unit runs its operations independently and efficiently.
With strong political will, the Union Government has committed to combating money laundering and countering financing of terrorism full-swing. Only then can Myanmar show the world that the country has established the political, economic, and social environment meeting international standards.
Hence, all departments concerned are responsible for laying down plans and implementing the National-level Strategy 2019-2023 on Anti-Money Laundering and Countering Terrorism Financing until they meet with success.
At the same time, lawyers, notaries, legal professionals, and accountants engaging in transactions for their customers, or on their behalf, need to notify the Financial Intelligence Unit if they suspect a customer of wrongdoing and cooperate in any investigation run by the unit.
Whoever fails to comply with the Anti-Money Laundering Order issued on 14 November this year will be punished with a prison term in line with the provisions of the Anti-Money Laundering Law._GNLM
