- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-10-24T16:06:00
The Financial Action Task Force (FATF) designated Myanmar as a high-risk jurisdiction with “significant strategic deficiencies” regarding its anti-money laundering (AML), countering the financing of terrorism (CFT), and financing of proliferation prevention efforts.
The intergovernmental organization called on its members to apply enhanced due diligence on business relations and transactions with Myanmar, it said Friday in a press release.
Myanmar, currently embroiled in a civil war escalated by a military coup last year, entered into a strategic plan to improve its AML/CFT deficiencies in February 2020. That plan expired in September 2021. Since then, the FATF determined the country’s plan has seen a “continued lack of progress and the majority of its action items still not addressed after a year.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
Bulgaria is the latest country to be identified by the Financial Action Task Force as a jurisdiction under increased monitoring for money laundering and terrorist and proliferation financing.
The Financial Action Task Force added Cameroon, Croatia, and Vietnam as part of the latest updates to its so-called “grey list” of jurisdictions under increased monitoring for money laundering and terrorist and proliferation financing.
The Financial Action Task Force placed Nigeria and South Africa on its list of countries requiring increased monitoring because of deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
Swedish telecommunications giant Ericsson announced the conclusion of the independent compliance monitorship imposed on the company following its 2019 settlement for violations of the Foreign Corrupt Practices Act.
Former Albemarle CCO Andrew McBride explained at Compliance Week’s 2024 National Conference how he led the company’s compliance department to remediate the issues that led to apparent FCPA violations and how the team used data analytics to assess risks and implement compliance solutions.
Swedish telecommunications company Ericsson announced its independent monitor appointed by the Department of Justice certified its compliance program satisfies the requirements ordered by the U.S. agency following its 2019 Foreign Corrupt Practices Act settlement.
