The Central Bank of Myanmar issued a statement on October 22 urging the people not to worry about the announcement of Financial Action Task Force-FATF and warning that any currency market manipulator or those who do not comply with the rules and regulations shall face action. 

The CBM statement comes after FATF Chairman released information about Myanmar.

The statement points out that Myanmar will have to only face the Enhance Due Diligence-EDD in money transferring processes to foreign countries and the banks concerned can regularly operate their procedures such as making similar enquiries and collecting remittance documents. Despite the high-risk jurisdictions being subject to a call for action, it is not a risk factor for Myanmar so people need not worry about it, and manipulations should not be done in the currency market. Actions will be taken against such doings that do not comply with the rules and regulations of the CBM.

Although Myanmar is not an FATF member country, it is a member of the Asia-Pacific Group on Money Laundering-APG. Myanmar is following FATF recommendations, and although it was not compliant with over 20 standards out of 40 recommendations in the initial stage, it now meets 24 standards, the statement said.

Myanmar was on that list between June 2011 and February 2016, and efforts are now being made to be removed from that list based on experiences, and it has already drafted the Action Plan to be implemented in the coming year, the statement added.

Although Myanmar was put on high-risk jurisdictions subject to a call for action from jurisdictions under increased monitoring, it is here announced that it is not the jurisdictions subject to an FATF call on its members and other jurisdictions to apply countermeasures faced by North Korea and Iran which are now on the black list, the statement said.