1 Nov 2022 20:01

Rosfinmonitoring to add Myanmar to list of high-risk jurisdictions failing to comply with FATF recommendations

MOSCOW. Nov 1 (Interfax) - The Federal Financial Monitoring Service (Rosfinmonitoring) intends to include Myanmar in the list of jurisdictions that do not comply with the Financial Action Task Force (FATF) recommendations.

Rosfinmonitoring's draft order has been published on the official online database of draft legal regulations.

The current version of the list, which was approved in November 2011, includes two countries, namely, Iran and North Korea.

Transactions with legal entities registered or located in a high-risk jurisdiction, as well as transactions using an account in a bank of such a state are subject to mandatory control.

The FATF plenary session, which took place in Paris in late October, in light of Myanmar's lack of progress in combating money laundering and terrorism financing, decided that further steps should be taken in accordance with its procedures and called on its members and other jurisdictions to take enhanced precautions when dealing with Myanmar.