Myanmar’s will to fight money laundering questioned as tougher curbs loom

Myanmar’s military-backed government may find its reluctance to address the international community’s concerns a greater obstacle to economic recovery than the threat of tougher international financial restrictions, according to analysts.

The Financial Action Task Force (FATF), the global money-laundering and terrorist-financing watchdog, warned on October 30 that it could consider further measures against Myanmar if it failed to remedy shortcomings in its financial safeguards by February.

Myanmar has been on the FATF blacklist since 2022. The designation subjects financial transactions with the country to enhanced scrutiny, raising costs and complicating business dealings. Only Iran and North Korea share the same status.