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International task force calls for action against Myanmar
Washington, Nov 04: The Paris-based Financial Action Task Force (FATF) has called upon its 31 member states to act against Myanmar by enhancing surveillance on financial transactions with that country as it has failed to cooperate in the war on money laundering.
Washington, Nov 04: The Paris-based Financial Action Task Force (FATF) has called upon its 31 member states to act against Myanmar by enhancing surveillance on financial transactions with that country as it has failed to cooperate in the war on money laundering.
"Burma (Myanmar) has failed to establish a framework to engage in effective international cooperation in the fight against money laundering," the FATF said in a press release received here.
The FATF identified Myanmar as a non-cooperative country or territory in the fight against money laundering in June, 2001. Since that time, Myanmar "has still not addressed major deficiencies in its anti-money laundering regime," it said. The task force said that it will review the situation in Myanmar at its next plenary meeting in February, 2004.
The FATF was set up in 1989 by the organisation for economic cooperation and development to fight dirty money.
The member countries of the FATF include Argentina, Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, The Netherlands, New Zealand, Norway, Portugal, Russia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, Britain and the United States. The European Commission and the Gulf co-operation council are also members of the FATF. Bureau Report
The FATF identified Myanmar as a non-cooperative country or territory in the fight against money laundering in June, 2001. Since that time, Myanmar "has still not addressed major deficiencies in its anti-money laundering regime," it said. The task force said that it will review the situation in Myanmar at its next plenary meeting in February, 2004.
The FATF was set up in 1989 by the organisation for economic cooperation and development to fight dirty money.
The member countries of the FATF include Argentina, Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, The Netherlands, New Zealand, Norway, Portugal, Russia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, Britain and the United States. The European Commission and the Gulf co-operation council are also members of the FATF. Bureau Report