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.
The inclusion means that entities and individuals in Myanmar
will face enhanced due diligence from global financial
institutions, including increased Know Your Client
("KYC") reporting and checks. Financial institutions may
also put in place their own controls, including suspension of any
new account openings, undertaking enhanced KYC measures in respect
of any international transfers to and from Myanmar individuals,
Myanmar entities or entities owned/controlled by Myanmar persons,
or closing accounts if
