Myanmar (Burma)
Myanmar (Burma) RISK & COMPLIANCE REPORT DATE: November 2018 KNOWYOURCOUNTRY.COM Executive Summary - Myanmar (Burma) Sanctions: EU Financial sanctions and Arms Embargo FAFT list of AML No longer on list Deficient Countries Non - Compliance with FATF 40 + 9 Recommendations Higher Risk Areas: US Dept of State Money Laundering Assessment Not on EU White list equivalent jurisdictions Corruption Index (Transparency International & W.G.I.) World Governance Indicators (Average Score) Failed States Index (Political Issues)(Average Score) International Narcotics Control Majors List (Cited) Offshore Finance Centre Weakness in Government Legislation to combat Money Laundering Medium Risk Areas: Major Investment Areas: Agriculture - products: rice, pulses, beans, sesame, groundnuts, sugarcane; fish and fish products; hardwood Industries: agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments, jade and gems Exports - commodities: natural gas, wood products, pulses, beans, fish, rice, clothing, jade and gems Exports - partners: Thailand 40.5%, India 14.7%, China 14.2%, Japan 7.4% (2012) note: import figures are grossly underestimated due to the value of consumer goods, diesel fuel, and other products smuggled in from Thailand, China, Malaysia, and India Imports - commodities: fabric, petroleum products, fertilizer, plastics, machinery, transport equipment; cement, construction materials, crude oil; food products, edible oil 1 Imports - partners: China 37%, Thailand 20.2%, Singapore 8.7%, South Korea 8.7%, Japan 8.2%, Malaysia 4.6% (2012) Investment Restrictions: On November 3, 2012 President Thein Sein signed into law a new Foreign Investment Law (FIL). Most observers view the new law as a positive, pro-business step in the right direction, especially when compared to earlier protectionist versions of the law which had emerged during 2012.
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