Myanmar blacklisted, Russia sidelined by money-laundering watchdog

By AFP 22 October 2022

PARIS–Myanmar was added on Friday to a worldwide monetary blacklist whereas Russia was sidelined by the worldwide money-laundering watchdog FATF.

The transfer by the Monetary Motion Process Drive (FATF) places Myanmar alongside North Korea and Iran as outcasts of the worldwide monetary system.

Citing a “continued lack of progress” and the actual fact the vast majority of the actions Myanmar had promised to take had not been accomplished greater than a yr after a deadline, the FATF put the nation on the so-called blacklist.

Different nations are required to use enhanced measures to display screen transactions with international locations on the blacklist to stop cash laundering and terrorist financing.

These measures can act as an obstacle to commerce and funding.

The Paris-based FATF additionally additional in the reduction of Russia’s position within the organisation resulting from its invasion of Ukraine.

Russia “is sidelined on the FATF”, mentioned the organisation’s director, Raja Kumar.

FATF had already taken some measures to exclude Russia in June.

“Russia’s actions proceed to violate FATFs core ideas, which goal to advertise safety, security and the integrity of the monetary system,” the FATF mentioned.

Nicaragua and Pakistan have been taken off the FATF’s gray listing of nations topic to elevated monitoring of monetary transactions.

Twenty-four international locations stay on the gray listing.

Pakistan’s overseas ministry mentioned in an announcement the choice was “much-awaited excellent news”.

“Congratulations to the folks of Pakistan,” International Minister Bilawal Bhutto Zardari tweeted.