FATF Blacklist Myanmar, Calls for Due Diligence To Transactions in Nation – Money laundering and terrorist financing watchdog Financial Action Task Force (FATF) has blacklisted Myanmar and has called on members to apply enhanced due diligence to business relations and transactions in Myanmar.
- Myanmar enters the FATF’s high-risk jurisdictions list, often called the ‘black list’.
- The FATF blacklist, officially designated as High-Risk Jurisdictions subject to a Call for Action, identifies nations with weak anti-money laundering and counter-terrorist funding regulatory frameworks.
Lists under FATF:
- Countries that are regarded as safe havens for supporting terror funding and money laundering are put on the FATF grey list.
- This inclusion serves as a warning to the country that it may enter the blacklist.
- Countries known as Non-Cooperative Countries or Territories (NCCTs) are put on the blacklist. These countries support terror funding and money laundering activities.
- The FATF modifies the blacklist regularly, adding or deleting entries.
- at present, Iran and the Democratic People’s Republic of Korea (DPRK) are under High-risk Jurisdiction or blacklist.
Countries in Grey List:
- Pakistan, Syria, Turkey, Myanmar, Philippines, South Sudan, Uganda, and Yemen.
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