Along with Myanmar, Indonesia, Ecuador, Algeria remain on the same watch list while other 10 countries were removed from it.
According to this year’s mid-term report, Ethiopia, Pakistan, Syria, Turkey and Yemen cooperated in AML/CFT and the FATF removed them from the watch list.
Kenya, Tanzania, Nepal, Kazakhstan and Mongolia also improved in their AML/CFT measures by February although they did not fully cooperate in accordance with global standards. So, they were no longer in the watch list.
The number of countries listed on the latest FATF watch list is the smaller than the ones from past years.
The FATF is the global standard setting body for anti-money laundering and combating the financing of terrorism.
They usually identify countries that have strategic deficiencies and work with them to address those deficiencies that pose a risk to the international financial system. This is to protect the international financial system from money laundering and financing of terrorism risks and to encourage greater compliance with the AML/CFT standards.
source: Eleven Myanmar