The Financial Action Task Force (FATF) plenary meeting and the International Cooperation Review Group (ICRG) meeting were held in Mexico City, Mexico, from 9 to 13 February, and the Myanmar delegation, led by Governor of the Central Bank of Myanmar Daw Than Than Swe, attended.
During the meetings, the CBM Governor stated that Myanmar has been continuously and fully implementing measures to combat money laundering, terrorism financing, and the proliferation of weapons of mass destruction, carrying out the Action Plan with local human resources and achieving a high level of compliance with ten points, while efforts are underway to complete the remaining five points within the set timeframe, the Counter Terrorism Law and the Trusts Act have been amended in line with the recommendations of the Asia Pacific Joint Group (APJG) to strengthen the legal framework, and the Management and Preservation of Evidence Law 2024 has also been enacted.
The Governor of the Central Bank of Myanmar stated that the government is working to amend the Anti-Money Laundering Law, that once enacted the remaining five points of the Action Plan will progress and be fully implemented and complied with by 2026, adding that efforts are being made to obtain technical assistance from foreign experts to address potential challenges, that Myanmar is preparing for the Asia-Pacific Group on Money Laundering (APG) Mutual Evaluation among member countries in 2029-2030 and has requested technical assistance, and highlighting the progress made, including Myanmar’s political will and high-level political commitment. At the ICRG meeting, the Asia Pacific Joint Group (APJG) Co-Chair discussed that Myanmar’s 16th Progress Report on Combating Money Laundering and Terrorism Financing had upgraded the immediate outcome 8.1, that states “enhance the seizure and control of proceeds of crime, instrumentalities used in the commission of crimes, other assets of equivalent value and confiscation as state funds, in line with the risks of loss,” from non-compliance to partial compliance, and noted that Myanmar is actively participating in the APJG’s plenary meetings.
The Executive Secretary of the Asia/Pacific Group on Money Laundering (APG) stated that Myanmar is fully committed to working with other countries, including the FATF and APG, that senior political officials have shown a willingness to address weaknesses, and that technical assistance should also be provided. Representatives from India, South Korea, the People’s Republic of China, the United States, and Japan, who attended the meeting, acknowledged Myanmar’s continued progress and efforts, and supported the need for additional time to complete the remaining Action Plan.
Based on the discussions at the ICRG meeting, Myanmar’s submission was further reviewed at the FATF plenary meeting, and it was decided to remove the statement in the Public Statement that Myanmar had continued to make slow progress, due to progress on the remaining points and to maintain Myanmar on the original list of countries and territories subject to enhanced scrutiny.
MNA/TH
#TheGlobalNewLightOfMyanmar