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.
For more information, click here to read the full Legal Update.
