Japan advocates for Myanmar removal from FATF blacklist

Japan is lobbying the Financial Action Task Force (FATF) to remove Myanmar from its global blacklist of high-risk jurisdictions. The move aims to ease financial transaction screening and facilitate business within the country.

Myanmar was added to the blacklist in 2022 following the 2021 military coup, which triggered widespread civil war and increased illicit activities, including drug trafficking and industrial-scale scam centers. While the military-backed government claims to be participating in multinational efforts to curb these scams, the nation remains under intense scrutiny for money laundering and terrorist financing risks.

The FATF, a 40-member body, is concluding its final plenary meeting of the year in Paris. While a change is not yet certain, reports suggest at least one other major Asian nation is also supporting Myanmar’s removal. Currently, only Iran and North Korea remain on the FATF blacklist.