Implications of FATF “Blacklisting” of Myanmar for the European Companies and Guidance for Mitigation
for the European Companies and
Today, on 27th Oct 2022, EuroCham Myanmar, with the European Delegation in Myanmar, hosted a briefing on the implications of the FATF designation of Myanmar as a high-risk jurisdiction. A record number of 216 people representing companies and foreign diplomatic missions attended the briefing.
Experts from the EU explained the background of the decision and the technicalities of its implementation. They also provided some insights on the scope of enhanced due diligence (EDD) applied to business relations and transactions with high-risk jurisdictions, such as Myanmar. This does not mean that transactions with Myanmar will be stopped completely, but they will likely experience higher compliance scrutiny. For more information, please refer to the guiding note prepared by our Platinum Member Luther Myanmar.
EuroCham Myanmar is planning a series of events on this subject with different subject matters, including banking institutions. For questions, please revert to email@example.com.