Financial Action Task Force (FATF) Adds Myanmar to "Blacklist"
On 21 October 2022, the Financial Action Task Force ("FATF") added Myanmar to a group of high-risk countries, known as the "blacklist", citing its failure to make enough progress in addressing illicit financial flows. Myanmar joins North Korea and Iran, which have been on the high-risk list since 2020. However, while North Korea and Iran are subject to a FATF call to apply countermeasures, Myanmar is subject to a FATF call to apply enhanced due diligence measures.
In this Update, we elaborate on these measures and their expected effects.