Exclusive: Myanmar is set to be placed on a watchlist by a global finance watchdog this week, amid concerns of money-laundering by transnational drug traffickers and weak regulation of its financial system by tom_allard
JAKARTA - Myanmar is set to be placed on a watchlist by a global finance watchdog this week, amid concerns of money-laundering by transnational drug traffickers and weak regulation of its financial system, two sources familiar with deliberations said.
While being on the list does not carry any sanctions, it could curtail the growth of financial, investment and trade flows to and from the Southeast Asian nation, a high-level official, speaking on condition of anonymity, told Reuters. Two sources with knowledge of the FATF’s proceedings and its investigation into Myanmar said the watchdog found that implementation of the nation’s anti-money laundering action plan was far from complete and it was on track to be put on the gray list at the meetings this week.
The report also noted that the “activities of large-scale transnational crime groups” were “closely related” to ethnic armed groups which control swathes of Myanmar’s territory.
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