Myanmar, Laos high on money laundering watchlist

Myanmar and Laos have made it in the top five countries globally for the risk of money laundering and terrorism financing on the newly released Basel AML Index 2020, a ranking developed and maintained by the International Center for Asset Recovery at the Basel Institute on Governance since 2012.

The index, an independent annual survey that assesses the risk of money laundering and terrorist financing around the world, covers 141 countries and looks intro factors such as financial standards and transparency in the respective countries, as well as the status of bribery and corruption, government accountability, legal and political risks and the quality of a country’s anti-money laundering and terrorism financing combating framework.

The 2020 list is topped by Afghanistan, followed by Haiti, Myanmar. Laos and Mozambique, countries with a particular lack in effectiveness of their supervisory bodies and in measures designed to safeguard financial systems from abuse. Where there are standards, they are weakly and patchily implemented, the Basel Institute says.

Many structural weaknesses in legal frameworks

Within East Asia, Myanmar and Laos are followed by Cambodia, Vietnam, China, Mongolia, Thailand, Macao and the Philippines. In the region, the most prominent weaknesses relate to the quality of the an anti-money laundering framework itself and the underperformance with respect to public transparency and accountability, the institute said, noting that technical and legal adjustments as well as effec­tive implementation would need to be the focus of future reform.

In Myanmar and Laos, money laundering is mainly related to proceeds from drug production and trade, as well as from human trafficking. In Cambodia, the problem is related to a significant black market for smuggled goods, including drugs, and the many casinos at the country’s borders.

In Vietnam, is mainly related to public corruption, fraud, gambling, prostitution, counterfeiting of goods, as well as trafficking in persons, wildlife and drugs, much like in Thailand.

In turn, the top-three countries in terms of anti-money laundering and combating terrorism financing on the Basel AML Index 2020 are Estonia, Andorra and Finland.



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Myanmar and Laos have made it in the top five countries globally for the risk of money laundering and terrorism financing on the newly released Basel AML Index 2020, a ranking developed and maintained by the International Center for Asset Recovery at the Basel Institute on Governance since 2012. The index, an independent annual survey that assesses the risk of money laundering and terrorist financing around the world, covers 141 countries and looks intro factors such as financial standards and transparency in the respective countries, as well as the status of bribery and corruption, government accountability, legal and political risks...

Myanmar and Laos have made it in the top five countries globally for the risk of money laundering and terrorism financing on the newly released Basel AML Index 2020, a ranking developed and maintained by the International Center for Asset Recovery at the Basel Institute on Governance since 2012.

The index, an independent annual survey that assesses the risk of money laundering and terrorist financing around the world, covers 141 countries and looks intro factors such as financial standards and transparency in the respective countries, as well as the status of bribery and corruption, government accountability, legal and political risks and the quality of a country’s anti-money laundering and terrorism financing combating framework.

The 2020 list is topped by Afghanistan, followed by Haiti, Myanmar. Laos and Mozambique, countries with a particular lack in effectiveness of their supervisory bodies and in measures designed to safeguard financial systems from abuse. Where there are standards, they are weakly and patchily implemented, the Basel Institute says.

Many structural weaknesses in legal frameworks

Within East Asia, Myanmar and Laos are followed by Cambodia, Vietnam, China, Mongolia, Thailand, Macao and the Philippines. In the region, the most prominent weaknesses relate to the quality of the an anti-money laundering framework itself and the underperformance with respect to public transparency and accountability, the institute said, noting that technical and legal adjustments as well as effec­tive implementation would need to be the focus of future reform.

In Myanmar and Laos, money laundering is mainly related to proceeds from drug production and trade, as well as from human trafficking. In Cambodia, the problem is related to a significant black market for smuggled goods, including drugs, and the many casinos at the country’s borders.

In Vietnam, is mainly related to public corruption, fraud, gambling, prostitution, counterfeiting of goods, as well as trafficking in persons, wildlife and drugs, much like in Thailand.

In turn, the top-three countries in terms of anti-money laundering and combating terrorism financing on the Basel AML Index 2020 are Estonia, Andorra and Finland.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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